Neil Woodford cuts staff numbers as fund suspension continues
Embattled fund manager Neil Woodford is set to slash staff numbers at his firms headquarters following the suspension of his flagship fund.
The redundancies are expected to affect a small number of staff at Woodford Investment Managements Oxford office.
Read more: Woodford sells shrimp shares on the stock floor
The firm employed around 45 members of staff on 31 March last year, when it last published accounts.
A spokesperson for Woodford said: “We have reluctantly entered into redundancy consultations with a number of staff to advise them that their roles are at risk.”
Woodford, who was once regarded as a star trader, has been battling to rebalance his Equity Income fund since trading was suspended last month following a spike in investor withdrawals.
He said he would use the suspension time to reduce the funds exposure to illiquid and unquoted stocks down to zero.
However, the fund manager defended his strategy of focusing on “undervalued assets” in a video shared on social media earlier this week.
Read more: Neil Woodford keeps flagship fuRead More – Source
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