Hargreaves Lansdown sells Woodford holding
One of the UK's biggest wealth managers, Hargreaves Lansdown, has sold its £45m (€50m) position in one of Neil Woodford's funds, as investors continue to abandon the embattled stock picker.
The HL Multi-Manager High Income fund sold the stake in the LF Woodford Income Focus fund this week, said Emma Wall, head of investment analysis Hargreaves Lansdown.
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The sale is part of a U-turn by Hargreaves Lansdown, which had been a major backer of Woodford until he froze withdrawals from his flagship LF Woodford Equity Income Fund at the end of May. Neil Woodford's fund had assets of £353mas of June 12, according to data compiled by Bloomberg.
Chris Hill, the CEO of Hargreaves Lansdown, has apologised to clients of the firm who were affected by Woodford's decision.
A week before closing its own position, Hargreaves Lansdown removed Woodford's income focus fund from its Wealth 50 list of "favourite funds".
Last week Neil Woodford cracked under redemption pressure and locked investors out of his main fund following months of poor returns.