LONDON: Hundreds of thousands of investors trapped in the former flagship fund of veteran money manager Neil Woodford should get just over half their money back in January, but may have to wait some time to recover more from the collapsed business.
Link said in a letter to investors on Friday that Britain's regulator had approved its plan to wind up the fund, with a final valuation of assets set to take place on Jan. 17. The first payout will be made on or around Jan. 20, it said, with the fund's name changing to LF Equity Income Fund. However, Link added that PJT Partners, which is selling the less liquid assets, was still exploring opportunities to sell them."Link’s letter indicates that investors are likely to be waiting for some time before they get all their money back," said Ryan Hughes, head of active portfolios at investment platform AJ Bell. The current valuation of 2.95 billion pounds represents a 19per cent loss for investors since the fund's suspension, he added.
The quick sale of some of the assets means the fund has been unable to benefit from Friday's post-UK election bounce in a number of shares previously held in size by the fund, which would be"galling" for investors, said Adrian Lowcock, head of personal investing at Willis Owen.
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