UK fund wreck shows risk of overactive management CGAThompson
Neil Woodford, one of Britain's most high-profile fund managers, suspended trading in his flagship Woodford Equity Income fund on June 3 after an increase in demand from clients to take their money back.
In a statement the corporate director of the fund, Link Fund Solutions, said the suspension was “in the best interests” of investors. “Following an increased level of redemptions, this period of suspension is intended to protect the investors in the fund by allowing Woodford … time to reposition the element of the fund’s portfolio invested in unquoted and less liquid stocks, into more liquid investments,” it added.
A favourite of retail investors after he performed well during the financial crisis, Woodford had initially seen assets under management grow sharply after he left Invesco to set up his own firm, Woodford Investment Management. However, a period of underperformance has seen investors withdraw billions of pounds, causing the Woodford Equity Income fund to shrink from just over 10 billion pounds in May 2017, to 3.7 billion pounds on June 3.
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