In this report, I look into a developing story out of the U.K. about a hedge fund that has frozen about £3.7 billion of investors' assets.
Woodford Investment Management, which is run by Neil Woodford decided to what the FT called "shutting the gate in investors' face" as the performance of its Equity Income Fund triggered redemptions.
One of the biggest investors in the fund, Kent County Council, had decided last Friday, May 31st, 2019 to redeem its £263 million invested with the fund but unfortunately they were too late as Woodford did not warn any of its investors or clients about the actions it took yesterday or on Monday, June 3rd, 2019.
My conclusion is that this story could be just the tip of the iceberg as many fund managers are turning towards riskier and speculative investments as Central Banking monetary policy is destroying returns on so-called safer assets like government bonds and highly rated corporate bonds.
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Woodford FT Article: https://www.ft.com/content/ee03cb4a-8627-11e9-97ea-05ac2431f453
