Alaric wrote:BusyBumbleBee wrote:It this had been an IT and not an OEIC knowledge of such a substantial holding would be in the public domain and it would have raised concerns as we know that Councils only look for a temporary home for their cash.
The Council Tax payers of Kent have take quite a loss here and I suspect one or two heads will roll therein.
Isn't that likely to have been their Pension Fund?
http://www.morningstar.co.uk/uk/news/AN ... ading.aspx suggest yes.
Kent County Council, or KCC, is asking for GBP263 million of its pension fund currently invested in Woodford Equity Income Fund to be withdrawn, but may not be allowed to do so. ... KCC said there is no loss to its pension fund and "whatever the outcome" stressed there will be no impact to the council's cash reserves.
An earlier article dated 13 May 2019 may have been one to have been aware of:
Woodfund Fund Under Review by Kent County Council
£250 million stake in Bronze-rated Woodford Equity Income fund under review by Kent council's pension fund.
http://www.morningstar.co.uk/uk/news/18 ... stake.aspx