• 18 November 2022

    LF Woodford Equity Income - update on closure and distribution of money

    Link Fund Solutions (LFS), who administer the underlying fund will be making capital distributions in phases as and when they manage to sell assets. We received the fifth proceed on 11 November 2022.

    What does this mean for customers invested in the Woodford Equity Income fund?

    We will calculate your clients’ share of the money sent to us by LFS and move it to another fund called the Artemis Income Fund. This fund has been chosen because it closely matches the characteristics of the LF Woodford Equity Income Fund.

    We’ll continue to do this as, and when, we get more money from LFS. We will aim to complete each switch transaction into the Artemis Income Fund within a week of the funds being received. These will be effective from our date of receipt. We will confirm the switches by sending a fund switch statement each time.

    For clients invested in the mutual fund directly through their self-invested policy we will retain it in the cash account until we receive instructions from you or your clients. We will write to you once this is in your clients’ cash account.

    We will continue to update you as and when LFS release further investments.

    There will continue to be restrictions on policy transactions for as long as your client has investments in the LF Woodford Equity Fund, and we’ll contact you/them where appropriate.

    Where can I find out more?

    Further information can be found by visiting the Link Fund Solutions website.

    You can always contact us if you have any questions. You can also view details of the funds your clients’ are invested in online. To do this you’ll need to be registered for our online services. Registering is easy, just visit our registration page

    Please note that the date quoted above is estimated and may change.