Hargreaves Lansdown sold its £45 million ($57 million) position in one of Neil Woodford's funds, as investors continue to abandon the embattled money manager.
The HL Multi-Manager High Income fund sold the stake in the LF Woodford Income Focus fund this week, said Emma Wall, head of investment analysis Hargreaves Lansdown. Woodford's fund had assets of £353 million as of June 12, according to data compiled by Bloomberg.
The sale is part of a U-turn by Hargreaves Lansdown, which had been a major backer of Woodford until he froze withdrawals from his flagship LF Woodford Equity Income Fund at the end of May. Chris Hill, the chief executive officer of Hargreaves Lansdown, apologized to clients of the firm who were affected by Woodford's decision.
A week before closing its own position, Hargreaves Lansdown removed Woodford's income focus fund from its Wealth 50 list of "favorite funds."