Impact of Woodford fund suspension revealed as Hargreaves receives further blow - reports

Kent County Council pension fund also hit

Beleaguered fund group Woodford Investment Management was under the spotlight again over the weekend as it was revealed the issues with its suspended flagship fund has wiped £36m off the value of an investment by Kent County Council, while Hargreaves Lansdown and financial advisers were also under fire once again in relation to the saga.

According to an official disclosure, the council's holding was worth £224m at the end of June, down from £260m three months earlier, The Telegraph reports. The council's pension fund had a substantial allocation to the Woodford Equity Income fund (WEIF) but growing concerns regarding the underlying holdings prompted the council to attempt to withdraw its money in May. However, the council was blocked from accessing the investment due to a lack of liquidity, prompting the gating of the fund. Woodford has spent the past three months attempting to offload shares including in a string of ...