UK fund manager Woodford dumps Reckitt Benckiser shares

2014-10-11

(Reuters) - Woodford Investment Management, the fund firm run by one of Britain's most high-profile fund managers, Neil Woodford, said on Tuesday it had sold its Reckitt Benckiser shares on valuation grounds.

The fund had 1.5 percent of its 2.7 billion pounds ($4.34 billion) in assets in Reckitt stock at the end of August.

Woodford, who left Invesco Perpetual earlier this year to set up his own company, had been a shareholder in the company for over a decade, the money manager said in a blog post.

"We continue to view Reckitts as a great business with a very strong management team and an excellent product line-up," it said.

"Such a high quality business deserves a high market rating but the shares have recently become too expensive to continue to justify their position in the portfolio."($1 = 0.6223 British Pounds)