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Hundreds of thousands of investors with a troubled fund chief were denied access to their money again last night – and told they must carry on paying fees.
Neil Woodford sparked further outrage by refusing to apologise to customers who gave him their life savings. And he said: 'All of my personal financial investments are in the funds we run here.'
Equity - Income - Fund - Cash - Money
He insisted his equity income fund could not reopen because it did not yet have enough cash to pay those who wanted to pull out their money.
The fund was frozen a month ago as investors lost faith and scrambled to recover their nest eggs. The hundreds of thousands of investors with cash tied up in the fund had been hoping it would be unlocked last night following a 28-day review by independent directors. Instead they ruled it must remain shut for at least another month.
Customers - Management - Fees - Mr - Woodford
And customers will have to carry on paying management fees to Mr Woodford because he is still refusing to waive them.
The fees come to £100,000 a working day – totalling more than £2million since the fund was frozen. Among those affected are around 300,000 customers who put in cash through trading platform Hargreaves Lansdown.
Brian - King - £10 - Wife - Sylvia
Brian King invested £10,000 of his and wife Sylvia's money into Mr Woodford's fund.
The 77-year-old retired project manager said: 'It feels like we are being held hostage in the fund. It is like he is saying "We have your money, I'll collect my fees and there is nothing you can do".'
Equity - Income - Fund - Businesses - Shares
The equity income fund was frozen because it had invested heavily in risky small businesses whose shares are hard to sell quickly. Mr Woodford was then hit with a £263million withdrawal request by Kent County Council – a sum equal to 8.2 per cent of the entire fund.
This meant the manager, who was once...
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