The value of savings still locked in the doomed Neil Woodford fund has fallen by another £39million in just three months.
Millions of pounds is stuck in the Woodford Equity Income Fund (WEIF), which is being wound up with the remaining assets sold off and the cash returned to investors.
But Link – the firm which was supposed to be supervising Woodford’s management of the fund, before it fired him in 2019 and shuttered WEIF – said the remnants were worth just £79.9million.
More losses: Link froze the Woodford Equity Income fund after a run of poor performance from Neil Woodford (pictured) caused investors to pull their money out
This is down from £118.5million in June. The majority of the fall in value was due to a slump in the share price of Benevolent AI, one of the few companies still owned by WEIF.
Since the artificial intelligence company listed on Amsterdam’s stock exchange earlier this year, its value has tumbled.
Link said it was ready to hand back another £20million of the fund to investors, who have received £2.56billion since it was shut three years ago.
Link froze the fund after a run of poor performance caused many investors to pull their money out.
