Campaign group Transparency Task Force has called for former fund manager Neil Woodford (pictured) to forfeit his CBE.
Woodford, who was head of UK investment at Invesco Perpetual at the time, was included on the 2013 Birthday Honours list for his services to the economy.
However, Andy Agathangelou, founder of the Transparency Task Force and co-founder of the Woodford Campaign Group, argues the fund manager should have his CBE forfeited following his alleged conduct in the wake of the collapse of the Woodford Equity Income fund.
Agathangelou argued Woodford’s behaviour leading up to the closure of his flagship investment fund in 2019, and since, would “surely not attract similar approbation”.
After leaving Invesco Perpetual, Woodford set up his own firm Woodford Investment Management.
The firm’s flagship strategy, the £3.7bn Woodford Equity Income fund, collapsed in 2019 following large withdrawals of funds by many investors.
Among the arguments for withdrawing Woodford’s honour, the Transparency Task Force said Woodford’s actions had left thousands of retail investors with significant losses, “for many at a critical time in their lives as they approached retirement”.
“He seems to have accepted no formal responsibility, showed very little genuine remorse or made any meaningful effort to remedy the situation.
“His continuing to profit personally as the seriousness of the situation unfolded make him unworthy to continue holding the CBE,” the Transparency Task Force said in a statement.
Last month, the Financial Conduct Authority warning notices to both Woodford and Woodford Investment Management over their handling of liquidity in the WEIF. Woodford and WIM swiftly announced they would challenge the findings.
This article first appeared on PA Future’s sister title Portfolio Adviser.
