Blow for Woodford as key ally steps down from board of battered trust

The ex-audit chairman of Woodford Patient Capital Trust, the battered vehicle run by Neil Woodford, is stepping down from the company, it was revealed on Monday.

Steven Harris, who is also chief executive of Woodford’s stock Circassia, will leave on September 30.

Harris follows Carolan Dobson and Alan Hodson out of the door following a board refresh after a 50% share price crash.

The company on Monday also appointed Ruffer Investments co-founder Jane Tufnell to the board.

Tufnell, one of the original founders of Ruffer in 1994, joins Stephen Cohen, a former boss of Mercury Asset Management, who joined in June.

The trust is trying to refresh the boardroom after shares fell.

The well-known fund chief shuttered his £3.5 billion Equity Income Fund in June.