Jun 3, 2019

Top stock-picker Neil Woodford suspends flagship fund

One of the UK's most high profile stock-pickers has suspended trading in his largest fund as rising numbers of investors ask for their money back. Neil Woodford said after "An increased level of redemptions", investors would not be allowed to "Redeem, purchase or transfer shares" in the fund. Investors have withdrawn about £560m from the fund over the past four weeks. At its peak, the Woodford Equity Income fund managed £10.2bn worth of assets, such as local authority pension funds. Mr Woodford's firm, Woodford Investment Management, is also the biggest investor in Kier Group, the construction and services group which on Monday warned on profits, sending its shares crashing 41%. It is understood that the fall in Kier's share price is not connected to the decision to suspend trading in the Woodford Equity Income fund.

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