Woodford Raises $379 Million Since Locking Up Flagship Fund
- Stock picker froze his flagship fund after run of poor results
- Disposals include shares in BCA Marketplace, NewRiver REIT
Neil Woodford
Photographer: Michael Walter/Troika via Alamy
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Embattled U.K. fund manager Neil Woodford raised at least 300 million pounds ($379 million) by selling down some stakes held in his flagship fund since he froze redemptions last month.
Woodford shocked the financial world last month by halting withdrawals from his LF Woodford Equity Income Fund as clients demanded their money after a run of poor results. Woodford’s firm said the suspension would give him time to sell off “unquoted and less liquid” stocks in the fund’s portfolio, allowing him to meet future redemption requests.