Neil Woodford, the scandal-hit investment manager, has apologised for his role in the failure of his flagship fund, as he prepared to launch his comeback.
Woodford, whose business collapsed in October 2019, said he was “very sorry” for what he did wrong, but hit out at the actions of administrator Link Fund Solutions.
The former star stockpicker is preparing to launch a new Jersey-based investment vehicle, Woodford Capital Management Partners.
He pledged not to repeat the mistake of investing ordinary investors’ money in illiquid stocks, which contributed to the collapse of his former business.
In an interview with the Telegraph, Woodford defended the firm’s culture, and denied that machismo and “yes men” contributed to its eventual failure.
Woodford Equity Income fund was suspended in 2019 after becoming overwhelmed by investor withdrawal requests, leading to the investment industry’s biggest crisis in years.
Wealth manager St James’s Place ended its contract with Woodford to manage three of its funds.His empire imploded when Kent County Council withdrew a £263m investment mandate from the firm. He then prevented investors from selling holdings in his £3.7bn fund before he was sacked.