Neil Woodford Wiki
Neil Woodford Biography
Dishonored fund manager Neil Woodford has apologized for the collapse of his mutual fund, but said he does not want to ‘hide and punish’ me for it.
In his first interview since the fund’s collapse in October 2019, the falling star of the fund management industry said that he is planning a new venture despite the financial scars left on small investors.
Many complain that they invested too much in Mr. Woodford’s funds and some even lost most of their savings.
Woodford, who has repeatedly turned down the chance to apologize, broke his silence this weekend when he said he planned to launch a new Jersey-based fund.
Speaking publicly for the first time, he said that he was ‘very sorry for what I did wrong’ and suggested that two years was enough to atone for the debacle.
Dishonored fund manager Neil Woodford (pictured) apologized for the collapse of his mutual fund, but said he doesn’t want to ‘hide and punish me’ for it +2
Disgraced fund manager Neil Woodford (pictured) apologized for the collapse of his mutual fund, but said he doesn’t want to ‘hide and punish’ me for it.
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In an interview with the Sunday Telegraph, he said: “I don’t want, for the rest of my life, to hide and punish myself for the better part of two years ago.”
He said he planned to create a new fund called Woodford Capital Management Partners, but vowed not to repeat his mistake of investing common investors’ money in startups that could take years to pay off.
Woodford’s fund was closed after investors tried to withdraw cash and many were deprived of their own money for months.
He said he was “furious” with Woodford Investment Management’s manager, Link Fund Solutions, for some of the failures that led to the collapse.
During the interview, Woodford “broke down in tears” while defending the company culture and denied claims that “machismo and yes men” damaged the fund.
In his first interview since the collapse of the fund in October 2019, the fallen star of the fund management industry said he is planning a new venture despite the financial scars left on small investors
‘When people say that kind of thing about the organization, about the culture, about the lies that have been told about the business and the people who make it up, it really hurts, because it wasn’t like that at all.
“It was an incredible place, with incredible people, who fought to the end. I’m very sorry for what I did wrong.
“What I was responsible for were two years of underperformance: I was the fund manager, the investment strategy was mine, it was my property, and it generated a period of underperformance.”
He blamed Link Fund Solutions for the decision to close Woodford Investment Management and insisted that the situation would have improved if it had remained open.
‘I can’t regret the things I didn’t do. I did not make the decision to suspend the fund, I did not make the decision to liquidate the fund. As history will now show, those decisions were incredibly damaging to investors and they weren’t mine. They were Link’s decisions.
Investors who pay out of pocket are now discussing the management of the fund and its closure with the courts.