A High Court judge has approved a £230m redress scheme for investors trapped by the collapse of a fund run by the big-name stock picker Neil Woodford.
About 300,000 people lost money when the Woodford Equity Income Fund was frozen in 2019.
Almost 94% of investors backed the compensation scheme in a vote in December, although only 54,000 voted.
Almost 94% of investors backed the compensation scheme in a vote in December, although only 54,000 voted.
Mr Woodford was one of the UK’s most high-profile investment managers and when he set up his own managed fund, he came with an impressive reputation. He was as close to a household name as is possible in the world of investing.
Investors, ranging from ordinary people to pension funds, put money into the Woodford Equity Income Fund. At its peak, the fund reportedly managed more than £10bn.
But as they became increasingly worried about the investments being made on their behalf, many withdrew their money. More than £500m was taken out in four weeks and in June 2019 the fund was frozen. It was later closed and wound up.
A High Court judge has approved a £230m redress scheme for investors trapped by the collapse of a fund run by the big-name stock picker Neil Woodford.
Almost 94% of investors backed the compensation scheme in a vote in December, although only 54,000 voted.
About 300,000 people lost money when the Woodford Equity Income Fund was frozen in 2019.
Almost 94% of investors backed the compensation scheme in a vote in December, although only 54,000 voted.
Almost 94% of investors backed the compensation scheme in a vote in December, although only 54,000 voted.
Mr Woodford was one of the UK’s most high-profile investment managers and when he set up his own managed fund, he came with an impressive reputation. He was as close to a household name as is possible in the world of investing.
Investors, ranging from ordinary people to pension funds, put money into the Woodford Equity Income Fund. At its peak, the fund reportedly managed more than £10bn.
But as they became increasingly worried about the investments being made on their behalf, many withdrew their money. More than £500m was taken out in four weeks and in June 2019 the fund was frozen. It was later closed and wound up.
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