Savers blast investment fund chief amid fears his flagship fund will remain locked for MONTHS

Mail Online | 6/28/2019 | James Burton;Samantha Partington;Fiona Parker For The Daily Mail
adele2234 (Posted by) Level 3
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Furious savers have blasted money manager Neil Woodford amid fears his flagship fund will remain locked for months.

Mr Woodford banned investors from withdrawing cash from his Equity Income fund nearly four weeks ago.

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This was because it did not have enough ready cash to pay departing customers. Despite this, Mr Woodford, 59, is raking in almost £100,000 every working day in fees for looking after the fund – which was worth £3.7billion when it shut – and has now earned about £1.8million.

He is currently selling assets to free up cash and pay anyone who wants their savings back. Equity Income’s corporate director Link Fund Solutions is required to give an update on Monday about whether the fund is ready to reopen. But sources say the process could take months longer.

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The once-feted Mr Woodford has faced calls to stop taking fees from Nicky Morgan, Tory chairman of the Commons Treasury committee, and investment platform Hargreaves Lansdown.

(Excerpt) Read more at: Mail Online
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