Listed funds linked to Neil Woodward’s Patient Capital have been on a free fall after the company suspended withdrawals.
According to data compiled by Guardian UK, Neil Woodward’s group of funds listed on the London’s FTSE 250 index, tumbled as much as 20% in early trading before closing 7.2% lower at 71p a share after many investors made a run to withdraw funds.
The real problem facing Neil Woodward’s stock picking empire is the uncertainty in Brexit negotiations which has weakened investor confidence in many of his stock picks.
Investment fund Hargreaves Lansdown with major exposure to Woodward’s Equity Income Fund, saw the second biggest crash in the FTSE-100, down 4.6% at 2,126p according to data by Guardian.
“The concern now is that pressure builds and matters escalate further or uncontrollably – which would not be helpful for anyone,” a spokesperson for the association said. “To avoid this it’s important that clarity for investors is forthcoming as soon as possible and, should it be required, regulators step in to ensure their interests – and the interests of the thousands of pensions scheme members – are protected.”
UK’s Financial Conduct Authority said it was aware of the suspension and was in contact with the firm, but declined to comment further.