The Kent Pension Fund has reassured members that the closure of Woodford Investment Management will not affect its ability to pay benefits.
The £6.4bn local authority fund said a "managed run-down" of the beleaguered investment manager would be best for all investors. It was announced on Tuesday (15 October) that Link Fund Solutions would wind up Woodford's equity income fund from 17 January next year. The strategy had been suspended since June when it ran into liquidity problems following a £263m attempted redemption by the Kent fund. Then, later on Tuesday evening, Neil Woodford stepped down from his role as manager of the Woodford Patient Capital Trust, and Woodford Investment Management announced it was closing shop. ...
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