Web estate agent Purplebricks holds the keys to happiness for star fund manager Neil Woodford

The City’s top fund manager, Neil Woodford, is in need of a fillip.

His CF Woodford Equity Income Fund is currently sitting on a hefty paper loss on its 28 per cent stake in controversial US drugs firm Northwest Biotherapeutics and there is every chance the deficit could yet become even greater. 1A4D4728000005DC-3332371-image-a-1_1448389466728

So he will be keeping all digits crossed that today’s debut on AIM of Purple bricks, the online estate agency in which he holds a major shareholding of more than 25 per cent, proves to be a big success with buyers leaving the £1 flotation price streets behind.

Ubiquitous investment bank Zeus Capital has masterminded the flotation which will value Purplebricks at around £250million, which is remarkable considering just over a year ago the business was worth around £7million.

Read more: http://www.thisismoney.co.uk/money/markets/article-3343412/MARKET-REPORT-Web-estate-agent-Purplebricks-holds-keys-happiness-star-fund-manager-Neil-Woodford.html#ixzz3tEd6QoXw
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