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As his firm swings to £6m loss in what looks set to be its final full-year accounts Neil Woodford and his right-hand man Craig Newman pocketed a £1.5m ($2m, €1.7m) payout in the months before his eponymous equity income fund shuttered and sparked the collapse of his funds empire. Latest filings from Companies House show Woodford and his business partner helped themselves to one last interim dividend for the period covering April 2019 to March 2020 as their venture Woodford Investment Management swung to a loss and was forced to close. The interim dividends were paid out to Woodford Capital, an unlimited company which counts Woodford and Newman as its sole directors. Woodford controls a 65% stake in the business, meaning he banked £975,000 of the total sum, while Woodford IM chief executive Newman bagged £525,000. ....
Woodford and right-hand man scooped up £1.5m payout months before fund implosion portfolio-adviser.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from portfolio-adviser.com Daily Mail and Mail on Sunday newspapers.
Industry dissects the many unknowns of Neil Woodford’s comeback Fallen manager’s shocking return to the investment industry has left many questioning the wisdom of his decision to rise from the ashes “Astonishing”, “a grave insult to investors”, “everything about it smells wrong”. These are just a few of the choice phrases used to describe Neil Woodford’s shocking comeback to investment management. Once dubbed the ‘Oracle of Oxford’ but now known as one of the UK’s most infamous fund managers, Woodford grabbed headlines once again when he revealed to The Telegraph plans to launch a new investment business – WCM Partners. ....
Three things your client may call you about this week . Content by subject Professional Adviser hosts must-attend events for the financial adviser sector. The success and reach of the brand has enabled us to deliver a series of market-leading events, including our popular breakfast briefings, awards and conferences. Download and use the apps Access your subscription from outside of the office Get relevant news and insight straight to your inbox Tax on private sector workers Three things your client may call you about this week. Professional Adviser The potential lifetime allowance freeze, hidden investment charges and Woodford s got the gang back together - here s our weekly heads-up on the financial stories that may have caught your clients attention over the weekend … ....