'Inevitable' but the 'right decision': Industry reaction to the closure of Woodford IM

'A sad day'

The decision by Neil Woodford to announce the closure of Woodford Investment Management was "inevitable", as investors await news of what will happen to his two remaining investment vehicles.

Link Fund Solutions on Tuesday (15 October) morning sacked Woodford from managing the LF Woodford Equity Income fund and said it would be wound down. Woodford responded by saying that was a decision "I cannot accept" before quitting both Woodford Income Focus and Woodford Patient Capital (WPCT) and shutting his business down hours later. Woodford will remain manager of both funds for a three-month notice period. Darius McDermott, managing director of Chelsea Financial Services, said it was "a very sad day for both [Woodford's] investors and his employees", though McDermott and Ryan Hu...