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Fallen Money Manager Turns to YouTube to Explain Losses and Stranded Cash

  • He reiterates plan to shift holdings and keep clients updated
  • Woodford halted redemptions in his flagship fund this week
Bloomberg business news
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Neil Woodford, seated, leaning forward and speaking somberly, offered a video apology to clients in his flagship investment fund for abruptly suspending redemptions this week, a move that has reverberated across U.K. markets.

“I am extremely sorry that we’ve had to take this decision,” Woodford, wearing a dark pullover, said in a video posted to YouTube overnight in London. “We understand our investors’ frustration. All I can say in response to that, of course, is that this decision was motivated by your interests, our investors.”