Viking Supporters Co-operative
Viking Chat => Off Topic => Topic started by: SydneyRover on January 08, 2020, 07:17:16 am
-
''Woodford and partner took £13.8m dividend in run-up to fund crisis
About 300,000 investors have money trapped in former star stock-picker’s flagship fund
and his business partner took £13.8m in dividends last year from their investment management company months before the implosion of its main fund, which left 300,000 investors nursing large losses.
It is understood Woodford collected two-thirds of the dividend, which brings the total payout for the former star stockpicker and his partner, Craig Newman, to £112m since 2014.
https://www.theguardian.com/business/2020/jan/07/neil-woodford-dividends-fund-crisis-investors
And all perfectly legal
-
I do find it staggering he gets away with this and certainly shows there should be a little more regulation in this area. His fund was a mess for some time though and it surprises me so many stuck with it, although it was in the past successful. These investments are always a risk, those invested do know that and if you don't want the risk don't do it, when you sign up you know what you're getting in to.
However, that he can maintain his cash rewards after failure is staggering. I don't believe fund manager should lose a fee for general losses, that's part and parcel of it, the markets move and some will be unsuccessful with risk. But when it collapses like this completely there has to be some form of pain for them.
-
Yep agreed, make it that you cannot take out over a certain %age month/year without informing all investors or/and that your personal holdings are updated in real time and/or all investors are given equal rights for withdrawals.