More pain for Woodford savers as another £39m is wiped off fund
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More pain for Woodford savers as another £39m swept away from flagship Equity Income fund
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The value of savings left in the doomed Neil Woodford fund has fallen by a further £39 million in just three months.
Millions of pounds are tied up in the Woodford Equity Income Fund (WEIF), which is being liquidated, with the remaining assets sold and the money returned to investors.
But Link – the company that was supposed to oversee the management of Woodford’s fund before firing him in 2019 and closing WEIF – said the remains were worth just £79.9 million.
More losses: Link froze the Woodford Equity Income fund after a string of poor performance from Neil Woodford (pictured) caused investors to withdraw their money
This is down from £118.5 million in June. Most of the fall in value was due to a stock price collapse of Benevolent AI, one of the few companies still owned by WEIF.
Since the artificial intelligence company was listed on the Amsterdam stock exchange earlier this year, its value has fallen.
Link said it was ready to return a further £20million of the fund to investors, who have received £2.56bn since it closed three years ago.
Link froze the fund after a string of poor performance caused many investors to withdraw their money.