Watchdog calls for clearer investor warnings in wake of Woodford saga September 30, 2019 The Financial Conduct Authority (FCA) will introduce tougher rules for funds that invest in hard-to-sell assets following the suspension of Neil Woodford’s flagship fund. In a policy statement published today, the financial regulator also said investors should be given better warnings about the risks they face if they want to be able to withdraw their [...]
Neil Woodford’s role at risk as listed fund suffers £232m loss September 30, 2019 Woodford Patient Capital Trust (WPCT) is considering the position of beleaguered fund manager Neil Woodford after the fund reported a £232m loss and a significant writedown in the value of its portfolio. WPCT said its assets dropped a further 21 per cent in value during the past three months, with chairman Susan Searle describing the [...]
Frozen Woodford fund falls 13 per cent since since June September 23, 2019 Neil Woodford’s frozen flagship Equity Income Fund (EIF) substantially underperformed its industry benchmark in September and will remain under lock and key as expected, the firm managing the suspension said. The fund has dropped 12.83 per cent since its suspension on 3 June, while the benchmark FTSE All Share total return rose 4.29 per cent, [...]
Hargreaves Lansdown founder slams Neil Woodford for not being ‘truthful’ about frozen fund September 22, 2019 One of the founders of Hargreaves Lansdown (HL) has slammed beleaguered asset manager Neil Woodford for apparently not being “truthful” about the performance of his flagship fund in the run up to its suspension. Peter Hargreaves, who founded the financial services firm alongside Stephen Lansdown in 1981, also criticised HL for not having realised that [...]
Benevolent AI’s valuation halves to $1bn in further blow for Neil Woodford September 15, 2019 Benevolent AI, the tech startup backed by troubled stockpicker Neil Woodford, is set to lose half its value as it announces a major new investment. The London-based firm, which is led by former Facebook executive and government minister Baroness Joanna Shields, has secured a cash injection from Singapore sovereign wealth fund Temasek. Read more: Fresh [...]
Woodford Patient Capital Trust share price sinks amid writedown September 13, 2019 Neil Woodford suffered a fresh blow today as shares in his listed investment fund dropped after it was forced into a writedown of the value of a holding. Woodford Patient Capital Trust’s (WPCT) share price sank 3.7 per cent in early trading after administrator Link marked down the unnamed holding. Read more: Woodford Trust and [...]
Woodford loses £43.5m in fire sale from frozen fund September 11, 2019 Beleaguered stock picker Neil Woodford has lost at least £43.5m selling off stocks from his frozen Equity Income Fund, despite having assured investors that the suspension would limit pressure to offload assets at reduced prices. Read more: Woodford crisis wipes £36m off Kent County Council’s stake in flagship fund Woodford lost money on eight out [...]
Woodford crisis wipes £36m off Kent County Council’s stake in flagship fund September 8, 2019 Kent County Council has seen £36m wiped off the value of its investment in Neil Woodford’s Equity Income Fund (EIF) since its suspension, new figures have shown. The beleaguered stockpicker’s flagship fund suspended withdrawals on 3 June after becoming overwhelmed by investors demanding their money back. An official disclosure, first reported in the Sunday Telegraph, [...]
Fresh blow for Woodford as suspended fund’s holdings take hit August 23, 2019 Neil Woodford has suffered his third setback of the day after it was announced that his suspended Equity Income Fund (EIF) significantly underperformed its industry benchmark. Link Fund Solutions, which is managing EIF’s suspension, said the fund had declined 11.15 per cent between 3 June and 21 August. By contrast, the fund’s industry benchmark – [...]
Woodford share price tumbles as it devalues holding in cold fusion company August 23, 2019 Shares in Woodford Patient Capital Trust (WPCT), the listed fund of beleaguered stockpicker Neil Woodford, dropped over six per cent this morning after the company was forced to cut the value of one of its largest holdings, a controversial energy company backed by celebrities including Brad Pitt. WPCT said this morning that Link Fund Solutions [...]