Link to pay further $240 million to investors in collapsed Woodford fund By Reuters

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Link to pay further $240 million to investors in collapsed Woodford fund

Stock Markets Aug 20, 2020 08:20AM ET

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Link to pay further $240 million to investors in collapsed Woodford fund

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(Reuters) - Fund administrator Link Fund Solutions on Thursday said it would pay a further 183.2 million pounds ($240.2 million) to investors caught up in the collapsed LF Equity Income fund formerly run by crisis-hit fund manager Neil Woodford.

The latest distribution, which is due to be paid on or around Aug. 26, takes the total sum of cash returned to investors via the sale of its assets to 2.45 billion pounds.

"It is intended that further capital distributions will be made as and when suitable amounts of cash have been raised from the sale of the remaining assets of the Fund," Link said, while warning investors that the unsold assets were less liquid and sales may take some time.

"This means the process will drag on for even longer for investors, who just want to get as much of their money back as possible and move on from the sorry saga," AJ Bell analyst Laura Suter said.

The LF Equity Income fund, which once enjoyed the backing of investment platform Hargreaves Lansdown (L:HRGV), was suspended in June 2019 after it was unable to meet requests for investor following a period of underperformance.

($1 = 0.7628 pounds)

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