Beleaguered stock picker Neil Woodford’s flagship fund is to be shut down after a string of failures.
Withdrawals from the Woodford Equity Income Fund have been frozen since early June, after investors asked for their money to be returned.
At its peak, the fund had more than £10bn of people’s money in it.
Link Fund Solutions, which runs the fund on Mr Woodford’s behalf, said: “After careful consideration, the decision has now been taken not to reopen the fund and instead to wind it up as soon as practicable. This is with a view to returning cash to investors at the earliest opportunity.”
Woodford said: “This was Link’s decision and one I cannot accept, nor believe is in the long-term interests of LF Woodford Equity Income fund investors.”