Chelverton's Horner: Investors could shun open-ended space after Woodford closure

Concerns raised following Equity Income fund closure

David Horner, who manages the £627m MI Chelverton UK Equity Income fund alongside David Taylor, has raised concerns about the impact the Woodford Equity Income fund's closure could have on the UK equity income space.

Horner said it could prompt investors to shun the open-ended space on the view "all investment is dreadful" and switch money into the building society or bank, or start buying bonds. Woodford IM to close down Horner added they do not expect investors "to give us all their money, but they might give us 5%". "We have always said you should spread your assets around and seek income from a number of different sources," Horner said. "In the past ten years, global income has become a much more available source of income for people. "And we think the small- and mid-cap income space ...