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Neil Woodford suspends trading in flagship fund

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UK stockpicker Neil Woodford has suspended trading in his flagship fund following an ‘increased level of redemptions’ by investors.

Investors are believed to have withdrawn around GBP560m million from the GBP3.7 billion Woodford Equity Income Fund, which at its peak had assets under management totalling GBP10.2 billion.

According to reports, a GBP250 million withdrawal request by Kent County Council – one of several UK local authorities to have pension scheme investments in the fund – led to Woodford Investment Management’s decision to suspend trading. 

In statement to investors, the firm says that ‘with immediate effect and until further notice’ investors will not be allowed to ‘redeem, purchase or transfer shares in the fund’ and that the suspension will allow ‘time to reposition the element of the fund’s portfolio invested in unquoted and less liquid stocks, in to more liquid investments’.

 

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