LONDON (Reuters) – Britain’s top financial markets regulator will watch closely how investment firm Woodford Investment Management manages a fund it locked this week and will get involved if necessary, the head of the Financial Conduct Authority said.
“The key thing is now that this creates … a period of time to put in place a plan and a programme of work that will solve that problem in as orderly a way as possible,” FCA Chief Executive Andrew Bailey told Bloomberg Television.
“And that’s what the FCA will be closely watching and closely involved in, where we think it’s necessary.”
Neil Woodford, one of Britain’s best-known fund managers, suspended trading in his once popular LF Woodford Equity Income Fund this week after an increase in demand from clients to get their money back.
(Reporting by David Milliken; Writing by William Schomberg)