Woodford's frozen income focus fund attracts interest

FILE PHOTO: British fund manager Neil Woodford is seen in this undated handout image released July 18, 2019. Jonathan Atkins/Handout via REUTERS

LONDON (Reuters) – Several investment managers have shown interest in taking over the running of the LF Woodford Income Focus Fund, formerly managed by Neil Woodford, the supervisor of the fund said on Wednesday.

The authorised corporate director Link Fund Solutions told investors on Oct. 16 it was suspending the fund, after Woodford, once one of Britain’s most feted money managers, shut his firm following the winding-up by Link of his flagship LF Woodford Equity Income Fund.

Link is also considering transferring the income focus fund’s assets into another fund, it said in a letter to investors, but could wind up the fund if neither of these options proved viable.

Link, whose role is to ensure the fund adheres to regulations, said Woodford was continuing to work with the firm “collaboratively” as the fund’s investment manager.

Woodford previously said he could not accept Link’s closure of the equity income fund.

Unlike the 3 billion pound ($3.86 billion) equity income fund, the income focus fund is not exposed to unlisted assets.

It has 255 million pounds in assets under management, according to Morningstar, having halved in value since the suspension of the equity income fund.

Link, said the income focus fund’s suspension would continue and it would provide a further update by Nov 13.

($1 = 0.7763 pounds)

Reporting by Carolyn Cohn; editing by Simon Jessop and Elaine Hardcastle


READ  Here's how your income stacks up against the average in your state


Please enter your comment!
Please enter your name here