On the defensive: disgraced fund manager Neil Woodford has launched a blog
Neil Woodford has insisted he is “neither hero nor villain” as he faces fines and a ban from City regulators over the collapse of his fund management empire.
By launching a blog, the former investment star said he hoped to shed light on the events that led to the demise of Woodford Investment Management.
The group collapsed in 2019 after 300,000 savers were denied access to £3.7bn of their cash due to the closure of its flagship Equity Income fund.
Woodford, once dubbed “the man who made middle England rich,” wrote: “I am neither a hero nor a villain.”
“I was never the financial savior of Middle England, but I also don’t think I was worthy of the attack that followed the failure.
“Regardless of who was responsible for what, the truth is that investors were trapped in my fund and suffered permanent losses, and this will always weigh heavily on me.”
The Financial Conduct Authority is preparing enforcement action that could mean an unlimited fine and a city ban for Woodford, whose fund, at its peak, was worth more than £10bn.
Woodford said that “poor performance led to events I could not control.”