The star fund manager’s fall from grace could leave hundreds of thousands out of pocket
Northern Rock, Equitable Life, Icesave, New Star … and now Woodford Investment Management. Neil Woodford’s investment business is the latest on the list of companies that have either collapsed, nearly gone under or been shut down.
Woodford announced on Tuesday that he was closing his business after being fired from his flagship fund, Woodford Equity Income, which will now be wound up. Investors in this fund will get their money back in stages, but should brace themselves for heavy losses – and it could be a year or more before the final payments are made.