Update: Woodford 'extremely sorry' for fund suspension

'Best interests of all investors'

In a statement to investors, fund manager Neil Woodford apologised for the suspension of the Woodford Equity Income fund to redemptions, saying the move was made in the interest of investors and would provide him with the "time and space" to execute his strategy.

In a video on his website, the star investor told clients: "I'm extremely sorry we have had to take this decision. We understand our investors' frustration, and all I can say in response is that this decision was motivated by our investors' interest. When it's appropriate we will open the fund again." He said the move would allow him the time to sell out of unquoted stocks, a strategy he previously communicated to investors, and reinvest the proceed into FTSE 250 and primarily FTSE 100 companies that still correspond to his investment strategy. Commenting on the lead-up to the move, t...