Neil Woodford is making another attempt to restore his reputation after the high-profile failure of hits fund management firm, this time as a financial commentator and influencer.
Once lauded as among the UK’s best fund managers, the 64-year-old's star fell spectacularly when his Woodford Equity Investment Fund collapsed in 2019 after a rush of redemptions.
Around 300,000 investors were left high and dry as the fund was ‘gated’ or closed to withdrawals with the wranglings about final payouts still ongoing.
Last week, UK regulator the FCA said it was to start enforcement action against the former fund manager, saying he had a ‘defective’ grasp of the liquidity requirements of his firm.
Link Fund Solutions, the fund’s administrator, was also criticised by the FCA for its role in overseeing the business.
In response, a blog published by Woodford yesterday said he is not a “villain” and “was never the financial saviour of Middle England”.
In the Woodford Views post he states: “I have witnessed up close great success and crushing disappointment. I have met outstanding owners and managers, and from time to time, the unscrupulous and incompetent.
“With respect to my story, the truth is that I am neither hero nor villain. I was never the financial saviour of Middle England, but then, neither do I think I was worthy of the onslaught that followed the failure of my business.”
Adding he will shed light on what happened at WEIF in later blogs, Woodford added: “As much as I would not choose to relive that extremely challenging time, I learned much from it and believe that going through it has given me important and valuable insights, which will help inform my analysis and commentary.”
A plan to relaunch a fund business in Jersey in 2021 was scuppered by the island’s regulator.