The U.K.'s most famous fund manager has suspended trading in his flagship fund after a string of poor performance and investor withdrawals.
Woodford Investment Management, launched in 2014 by renowned stockpicker Neil Woodford, announced Monday that it would "suspend the issue, cancellation, sale, redemption and transfer of shares in the Fund."
The catalyst for the suspension was a decision by local authority Kent County Council to withdraw its £250 million investment in the fund. A statement from U.K. regulator the Financial Conduct Authority on Tuesday said: "The decision to suspend was made by the fund's Authorised Corporate Director, in conjunction with the Depositary and is to allow an important orderly process of revaluation of asset sales to happen."
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