Fallen fund manager Woodford to make comeback
Fund manager Neil Woodford, whose retail fund empire crumbled less than two years ago, is to stage a comeback with a new investment business. In an interview with the Daily Telegraph Mr Woodford said that he planned to launch a new institutionally-focused fund manager called Woodford Capital Management Partners (WCMP). He plans to team up with US-based Acacia Research, to launch a bio-tech fund from Jersey. Mr Woodford has invested in Acacia Research via his failed Woodford Investment Management (WIM) business and Acacia has bought investments back from the shuttered Woodford funds. {loadposition hidden2} WIM administrator Link Fund Solutions wound up the Woodford funds following poor investment performance and spate of problems for investors who found themselves unable to withdraw funds due to a number of illiquid investments made by the funds. Administrators have been gradually selling off investments held by the Woodford funds including the former Woodford Equity Income Fund. So far almost £2.5bn has been distributed to investors since the fund began winding up.
Fallen fund manager Woodford to make comeback
Fund manager Neil Woodford, whose retail fund empire crumbled less than two years ago, is to stage a comeback with a new investment business. In an interview with the Daily Telegraph Mr Woodford said that he planned to launch a new institutionally-focused fund manager called Woodford Capital Management Partners (WCMP). He plans to team up with US-based Acacia Research, to launch a bio-tech fund from Jersey. Mr Woodford has invested in Acacia Research via his failed Woodford Investment Management (WIM) business and Acacia has bought investments back from the shuttered Woodford funds. {loadposition hidden2} WIM administrator Link Fund Solutions wound up the Woodford funds following poor investment performance and spate of problems for investors who found themselves unable to withdraw funds due to a number of illiquid investments made by the funds. Administrators have been gradually selling off investments held by the Woodford funds including the former Woodford Equity Income Fund. So far almost £2.5bn has been distributed to investors since the fund began winding up.