Former star fund manager, Neil Woodford, has been ousted as investment manager of his £3.5bn flagship fund, Woodford Equity Income Fund, which will be wound up and cash returned to investors.
Woodford had wanted to reopen the Woodford Equity Income Fund, but the administrator, Link Fund Solutions (LFS) said it was in the best interests of investors for it to be wound up.
“This was Link’s decision and one I cannot accept, nor believe is in the long-term interests of LF Woodford Equity Income Fund investors.”
In a letter addressed to investors, LFS said their cash would be returned to them “at the earliest opportunity” although it was unable to say how much of their original investment would be salvaged.
The fund will begin being wound up on 17 January.
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