Hill said he backed research through Hargreaves Lansdown’s Wealth 50 list of top buys that recommended investors pick Woodford over better-performing fund managers. Hill said: “I would like to apologise personally to all clients who have been impacted by the recent problems with the Woodford equity income fund. Investors have also criticised the City regulator, the Financial Conduct Authority, for failing to see the risks taken by Woodford. Concerns were raised last year after a series of poor performances by companies part-owned by Woodford funds, many of them not listed on the stock market, making them difficult to sell. Bailey said it was important for funds like Woodford’s to invest in unlisted firms.

Source: The Guardian June 09, 2019 16:58 UTC