LONDON - Neil Woodford has been ousted as manager of his flagship LF Woodford Equity Income Fund, which will now be wound up to pay back investors trapped in the fund since June.
It is the latest blow to storied stockpicker Woodford, once a darling of retail investors, who has seen his reputation tarnished after a liquidity crisis forced him to stop clients leaving the 3.7 billion pound Equity Income Fund in June. Woodford will cease to be the investment manager of the fund with immediate effect and the fund’s assets will be split into two portfolios managed by others, LFS said in a statement.
The winding up of LF Woodford Equity Income Fund - which will be stripped of Woodford’s name - will begin on Jan. 17, 2020, and will allow an initial payment to be made to investors.
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