Woodford Confronts Career Crisis After Freezing Fund Withdrawals
- Suspension aimed at protecting investors as outflows increase
- Warren Buffett devotee once managed U.K.’s largest equity fund
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Neil Woodford, a Warren Buffett devotee whose winning streak made him a celebrity U.K. money manager, is facing the biggest crisis of his career after freezing redemptions from his flagship fund.
The radical step by the 59-year-old manager could further undermine investor confidence and piles pressure on his firm after assets tumbled in the LF Woodford Equity Income Fund. For many investors, the freeze is a reminder of the turmoil that followed the 2008 financial crisis, when some managers resorted to such extreme measures to safeguard holdings.