Costly Woodford Equity Income fund wind-up to 'drag on' for up to a year

Defunct fund's maintenance fees totalled over £184,000 a day

Woodford Investment Management (WIM) amassed approximately £24.8m* in fees during the Equity Income fund’s (WEIF) suspension.

Between 3 June when the fund was gated and 15 October when ACD Link Fund Solutions announced WEIF would be wound up, the fund took £184,034.22 a day in fees. Top fund manager Denning quits Capital Group after BBC Panorama investigation In an investor update on 15 October, Link Fund Solutions (LFS) said the fees would remain in place until the process to wind up the fund begins on 17 January 2020. However, while there will be no changes to the fees levied in the interim, the proceeds will be used to pay 'transition manager' BlackRock Advisors for its services, as well as the fees of...