Woodford fund debacle shows an investment industry high on hubris

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Dividend of £13.8m to founder and partner came as fund’s value was already sinking fast

Surprise, surprise. Neil Woodford, a fund manager who saw no problem in charging £60,000-a-day fees on a fund that was suspended, also thought it acceptable for him and his business partner to pay themselves a £13.8m dividend when returns for investors were on the slide.

 

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