Blow to investment industry as Woodford victims say they have been ‘put off for life’, report reveals
The collapse of Neil Woodford’s investment empire put some victims off investing for life, a report reveals in a blow to the industry.
Woodford’s fall from grace in 2019 led to the implosion of his flagship Equity Income fund, and heavy losses in both his Income Focus and Patient Capital Trust.
But research conducted by the Association of Investment Companies (AIC) showed that more than half of respondents said the Woodford affair had negatively affected their general wellbeing.
Neil Woodford’s fall from grace in 2019 led to the implosion of his flagship Equity Income fund, and heavy losses in both his Income Focus and Patient Capital Trust
In total, 77 per cent said it had slashed their trust in the investment industry.
One saver said: ‘I lost much of my pension. Also I felt badly in having advised my daughter to invest in the fund. It has put her off investing for life.’
Another said she will have to work for another two years to make up the losses on her investment.
And yet another said: ‘It left me feeling very angry and powerless’.
Woodford’s Equity Income Fund was worth £3.7billion when it locked investors’ money inside in 2019.
They have lost at least £1.3billion over the past two years alone.