All Three Woodford Funds To Be Wound Down After Manager Fired By Corporate Governancewritten by Bella Palmer
Neil Woodford, until recently the UK’s best known stock picker for good
In the wake of his sacking, Mr Woodford, 59, also announced that he has decided to close Woodford Investment Management, the fund
The FCA welcomed the decision reached by Link Fund Solutions with a statement that it gave clarity to investors in the vehicle, who have been locked out of accessing their funds since June. That was when the open ended Woodford Equity Income Fund was frozen to protect it against a run from investors pulling their money from it as the value of its holdings fell.
The original plan was for assets to be reallocated from the large number of private companies it held holdings
Mr Woodford has stated that he was not in agreement with the FCA and Links that the decision to wind the fund down was in the best interests of its investors. Presumably
Mr Woodford’s fall from grace has been spectacular. Within 5 years he has gone from someone who appeared to be the fund management’s equivalent to King Midas to the polar opposite, with fate seemingly conspiring against the majority of his investment choices. After three decades of managing money, it seems unlikely at this point that Mr Woodford will, after turning 60 next year, seek to re-establish himself as a fund manager.
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