Woodford Investment Management has sold or transferred more than £600m in stock as the beleaguered fund manager scrambles to build a cash base to meet redemptions once his currently gated Woodford Equity Income fund is re-opened.
In the week after his eponymous fund was suspended on Monday 4 June, in the face of a constant trickle of outflows that has reduced assets from over £10bn to under £4bn, Woodford immediately got to work in offloading assets. Investors will be locked into the fund for an indefinite period of time - likely to be months, rather than weeks - as Woodford aims to "build a more liquid portfolio". Kent County Council is itching to exit and Hargreaves Lansdown is set to review its holding once the fund re-opens. Should the latter decide to sell its holdings too, those two mandates alone will t...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
