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UK lawmaker calls on Woodford to waive fees in suspended fund

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LONDON (Reuters) – Woodford Investment Management should waive fees to customers in its flagship fund while it remains suspended, a senior British lawmaker said on Thursday.

British fund manager Neil Woodford suspended trading in its Equity Income Fund on Monday after an increase in demand by clients to take back their money.

“Investors in the Woodford Fund have been locked out of accessing their cash. Yet it has been reported that Mr Woodford is taking in nearly 100,000 pounds in management fees a day,” said Nicky Morgan, chair of parliament’s Treasury Select Committee.

“The suspension of trading has provided Mr Woodford with some breathing room to fix his fund; he should afford his investors the same space and waive the fund’s fees while the fund is suspended.”

(Reporting by Huw Jones, editing by Simon Jessop)

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