Woodford: Fund managers have overcharged customers

Neil Woodford has criticised his own industry for charging customers too much and paying managers too high a price for tracker-style performance, in an interview with the BBC.

Woodford, who launched his own business recently having quit Invesco Perpetual after more than two decades at the group, said fund managers often claim to be actively managing a fund, when in reality they are following the herd. As such, he said fees on some active funds are too high in a world where investors can instead buy tracker funds for a much lower cost. In an interview with the BBC's Today programme, he said: "The industry has overcharged in many aspects. It's quite clear, in the banking industry and my own industry, that too often, the industry has been charging active fees ...