Woodford Investment Management has sold or transferred over £600m in stock as the beleaguered fund manager scrambles to build cash base to meet redemptions once his currently gated Woodford Equity Income fund is re-opened.
In the week after his eponymous fund was suspended on Monday 4 June, in the face of a constant trickle of outflows that has reduced assets from over £10bn to under £4bn, Woodford immediately got to work in offloading assets. Investors will be locked into the fund for an indefinite period of time - likely to be months, rather than weeks - as Woodford aims to "build a more liquid portfolio". Kent County Council is itching to exit and Hargreaves Lansdown is set to review its holding once the fund re-opens. Should the latter decide to sell its holdings too, those two mandates alone will t...
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