Equity Fund Suspension Leads FCA To Rethink Illiquid Assets
Law360, London (June 14, 2019, 5:47 PM BST) -- The deterioration of an equity fund run by one of Britain’s most high-profile stock pickers has prompted the Financial Conduct Authority to consider reviewing how investments in illiquid assets are regulated amid criticism that the financial watchdog failed to react to the unfolding crisis.
The FCA has indicated it will introduce new rules for so-called open-ended funds after investors were locked out of Neil Woodford’s flagship £3.7 billion ($4.7 billion) fund last week in response to the wave of investors seeking to withdraw their cash after the fund had been under performing.
Woodford’s Equity Income Fund ran into trouble when it...
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