(Bloomberg) -- Neil Woodford may have locked up the money in his flagship fund, but his smaller equity fund is bleeding cash.
The LF Woodford Income Focus Fund's assets under management have dropped by 86.4 million pounds ($110 million) in the week since May 31, when withdrawals from Woodford's main fund were frozen, according to data compiled by Morningstar. The drop to 407.9 million pounds is the result of client redemptions and stock performance.
A spokesman for London-based Woodford Investment Management declined to comment.
Pressure on Woodford from investors, politicians and regulators has mounted since he shocked the financial world by blocking withdrawals from the LF Woodford Equity Income Fund. Some of his biggest clients have walked away, and Nicky Morgan, chair of the U.K. Parliament's Treasury Committee, said he should waive fees while the fund is locked.
Woodford has also curtailed what he tells investors about his holdings as he scrambles to sell stock from his beleaguered flagship fund. He will publish only the top 10 holdings of his three funds while redemptions are halted. The move is an abrupt shift from a longstanding commitment to provide transparency about investments. The fund previously disclosed all holdings at the end of each month.
--With assistance from Silla Brush.
To contact the reporter on this story: Nishant Kumar in London at nkumar173@bloomberg.net
To contact the editors responsible for this story: Shelley Robinson at ssmith118@bloomberg.net, Patrick Henry, Suzy Waite
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