Money: Neil Woodford firm ‘pleased’ with progress despite investor uproar - - PressFrom - United Kingdom

MoneyNeil Woodford firm ‘pleased’ with progress despite investor uproar

15:35  10 june  2019
15:35  10 june  2019 Source:

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Superstar fund manager Neil Woodford has stopped investors withdrawing money from his main fund after a series of bad bets prompted clients to Neil Woodford has cancelled all bonuses at his firm ( Rex ). Please be respectful when making a comment and adhere to our Community Guidelines.

Dealings in fund suspended after it shrunk by £600m in a month, including £187m of redemptions.

Neil Woodford firm ‘pleased’ with progress despite investor uproar © Woodford Investment Management (Woodford Investment Management/YouTube/PA)

Neil Woodford’s listed business has said it is “pleased” with the progress of its portfolio companies, despite a dive in its share price after the renowned stock-picker suspended one of his funds.

Woodford Patient Capital Trust said it does not believe the operational performance of the portfolio businesses have been “impacted” by recent events.

Last week, Mr Woodford stopped people taking their money out of the Woodford Equity Income Fund.

The City heavyweight suffered a nightmare week after suspending the fund “to protect investors’ interests” after they withdrew around £560 million from it over the previous four weeks.

Neil Woodford seeks to reassure investors after fund suspension

Neil Woodford seeks to reassure investors after fund suspension Redemptions from the fund were reported to have hit £10 million a day. The stock market guru insisted that his firm, Woodford Investment Management, has a strategy in place to stabilise the fund so holders would eventually be able to access their investments. It has been claimed major investors in the fund were given no prior warning that they would be banned from withdrawing their cash. Kent County Council, which attempted to withdraw £263 million invested in the Equity Income Fund, said it asked the company for its cash on Monday but within hours bosses suspended all withdrawals.

Neil Woodford 's firm is reportedly earning nearly £100,000 a day in management fees Credit: Jeff Gilbert. Woodford Investment Management has refused to waive the fee on its suspended flagship fund, Telegraph Money can disclose. If you would like to add a comment, please register or log in.

Neil Russell Woodford CBE (born March 1960) is an English fund manager and the founding partner of Woodford Investment Management. Woodford was born in March 1960.

Woodford Patient Capital Trust has said it believes it “continues to have the potential to deliver attractive returns”, despite the subsequent slump in share value.

Susan Searle, chairwoman of Woodford Patient Capital Trust, said: “The board is closely monitoring the situation and is engaging with its shareholders and advisers.

“Separately, the board is in regular dialogue with the portfolio manager.

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Neil Woodford firm ‘pleased’ with progress despite investor uproar

“The board wishes to emphasise the long-term approach of the company and will continue to keep shareholders updated as necessary.”

Over the weekend, the boss of stockbroker Hargeaves Lansdown apologised to investors after the company’s clients found their money trapped in Mr Woodford’s ill-fated funds.

Woodford in scramble to raise cash after devastating week

Woodford in scramble to raise cash after devastating week Neil Woodford’s wounded fund management empire has sold or transferred close to £600m of stock since the suspension of its flagship £3.7bn fund on Monday, as the one-time star UK stockpicker scrambles to raise cash. Signs that Mr Woodford is unwinding his long-held stock positions will heighten fears of a fire sale of assets in the funds, which have already weighed on share prices of companies across the portfolio as scrutiny intensifies of his firm’s recent conduct.

Loyal investors in the £4bn Woodford Equity Income fund caught in the crossfire of manager Neil Woodford ’s attempts to right his investment are likely looking for alternatives today. Investors have pulled out £6bn from Neil Woodford 's fund in the past two years.

Under-pressure city heavyweight Neil Woodford was dealt another major blow after St James’s Place ended its £3.5 billion association with his firm . The investor said he was “extremely sorry” in a video message and insisted Woodford Investment Management had a plan in place to stabilise the fund.

Clint Hill, chief executive of Hargreaves Lansdown, said he shared his clients’ frustrations and disappointment.

Hargeaves Lansdown has seen its shares steeply decline over the past week amid continued pressure on Mr Wodford’s fund.

The frozen Woodford Equity Income Fund is the company’s largest, with a reported value of £3.7 billion, but this is down heavily on the £6.8 billion recorded a year ago.

On Wednesday it emerged that the Financial Conduct Authority was demanding answers from Mr Woodford and his brokers over their decision to invest so heavily in unlisted companies based offshore in Guernsey.

There was no suggestion of wrongdoing at Woodford Investment Management, the watchdog said, but officials want to understand the chain of events leading to the suspension.

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Fidelity Personal Investing blocks customers from investing in Woodford's Income Focus Fund.
Customers with Fidelity will continue to be able to withdraw money from the £325million fund, but won't be allowed to buy new units.

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