A blow to investment industry as Woodford victims say they have been ‘postponed for life’, report reveals
The collapse of Neil Woodford’s investment empire has prevented some victims from investing for life, a report reveals in a blow to the industry.
Woodford’s fall from favor in 2019 led to the implosion of his flagship Equity Income fund and heavy losses in both its Income Focus and Patient Capital Trust.
But research from the Association of Investment Companies (AIC) found that more than half of respondents said the Woodford affair had negatively impacted their general well-being.
The fall of Neil Woodford in 2019 led to the implosion of its flagship Equity Income fund and heavy losses in both its Income Focus and Patient Capital Trust
Overall, 77 percent said it had damaged their confidence in the investment industry.
A saver said: ‘I have lost a large part of my pension. Also, I felt bad for advising my daughter to invest in the fund. It has kept her from investing for life.’
Another said she will have to work for another two years to make up for the losses on her investment.
And another said, “It made me feel very angry and powerless.”
Woodford’s Equity Income Fund was worth £3.7 billion when it locked up investors’ money in 2019.
They have lost at least £1.3 billion in the last two years alone.