Neil Woodford says that he is “very sorry for what I did wrong” as he launches a new fund firm.
Yet he blames the Authorised Corporate Director for the decision to wind down his funds and, in his view, most of the losses.
The new operation Woodford Capital Management Partners will be Jersey-based and aimed at professional investors only.
The story is an exclusive for the Sunday Telegraph. It will be interesting to see the reaction of IFAs, DFMs and indeed many of the retail investors who are still in legal disputes with various parties.
Woodford has not been found responsible for any regulatory breaches though we still await the regulator’s final view.
So will Woodford be allowed a successful third act? He makes it clear he wants one.
James Hay has reached an agreement to acquire Nucleus for £145m.
The acquisition will give James Hay and Nucleus a combined £45bn of assets under administration.
The deal is still subject to approval from Nucleus shareholders and the FCA, but Nucleus’ board has recommended a vote in favour, and Sanlam, Nucleus’ largest shareholder with 52 per cent holding, has agreed to vote in favour.
James Hay will undertake a review of Nucleus’ partnership with technology firm Bravura and plans to migrate Nucleus’ assets to new provider FNZ.
It discusses that decision in a Q&A with Citywire.
But there are signs of trouble already.
Bespoke Financial Planning sets out why it might leave in FTAdviser, having been with the platform since inception.
Aegon’s retail platform has seen outflows of £700m in the second half of 2020.
The business has faced problems since a replatforming exercise of Cofunds clients onto the new Aegon platform in May 2018, but the pace of the outflows does appear to be slowing.
Yellowtail’s Dennis Hall discusses the weaknesses Covid showed in his business notably in the tech stack.