Feeney: Skandia between 'rock and a hard place' on Woodford switch
Old Mutual Wealth chief executive Paul Feeney has contacted clients to defend a decision to shut the Skandia Invesco Perpetual income funds, pointing to "truly exceptional circumstances" following Neil Woodford's departure.
In a note to investors, Feeney (pictured) acknowledged the group's decision to shut the Skandia Invesco Perpetual Income and High Income Funds and transfer over £600m to Woodford's new equity income fund...
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