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Neil Woodford, a once-famed fund manager, has been issued a warning notice by the UK's financial regulator, the Financial Conduct Authority (FCA), five years after the collapse of his flagship fund. The FCA has criticized Woodford's oversight of the fund as 'defective'. Additionally, the FCA found that Link Fund Solutions, the authorized manager of the fund, failed to act with due skill, care, and diligence in managing the £3.7 billion ($4.6 billion) fund. Statements from Woodford's lawyers have sparked controversy, highlighting that the depositary did safekeep the assets, but their value diminished significantly.
The Financial Conduct Authority said Thursday it has found that Link Fund Solutions failed to act with "due skill, care and diligence" when it was the authorized manager of the failed £3.7 billion ($4.6 billion) flagship fund managed by Neil Woodford. https://t.co/gD3EbKO46S
This is honestly a pretty crazed statement from Woodford’s lawyers. Like, the depositary did safekeep the assets, they were just worth fuck all. Also, using a third part ACD doesn’t magically absolve asset managers of responsibility https://t.co/wvY2autTIX https://t.co/G4XOt2JAWB
Fund manager Woodford 'defective' in running flagship fund, UK watchdog says https://t.co/b3X0EYkRaf https://t.co/TXkLZUWHWx
