Neil Woodford investors pay dearly as liquidation payouts start

Neil Woodford, founder and fund manager at Woodford Investment Management. Picture: JONATHAN ATKINS/REUTERS

An initial payout of £2.1bn will be made this week, according to Link Fund Solutions, administrator of the LF Equity Income Fund. That is just over half of the £3.8bn of assets the fund had under management when it was frozen in early June. Investors may recover more if buyers can be found for the hard-to-sell assets still in the fund.

The money for this first payout, which represents 75% of the fund’s current value, was raised from selling the fund’s most liquid securities, and recovering the remaining 25% will mean selling the thinly traded assets that led Woodford to suspend redemptions as he struggled to raise cash. That will not be a simple task, according to Ryan Hughes, head of active portfolios at AJ Bell.

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