Woodford’s right-hand man departs
Saku Saha, a senior fund manager working alongside Neil Woodford, has left the troubled stockpicker’s company following weeks of turmoil.
Woodford Investment Management informed staff last week that a “handful” of roles were “under review” but it’s not known whether Saha was made redundant or left of his own accord.
A spokesperson for Woodford Investment Management said: “I can confirm Saku is no longer with the company.”
Saha’s LinkedIn profile stated that he worked for Woodford Investment Management from August 2014 to July 2019. It says he was one of three fund managers within the Woodford Investment team, supporting Woodford, and specialising in early-stage and early-growth companies. This type of investment can be controversial due to illiquidity issues.
Prior to working for Woodford Investment Management, Saha worked for Woodford as an analyst and investment director at Invesco Perpetual.
Woodford’s Equity Income fund was suspended on 3 June, leaving investors’ money trapped. The firm said it was suspending withdrawals due to “an increased level of redemptions” requiring it to “reposition its portfolio”.
It’s not known how long the fund will be closed to investors for but some experts predict it could remain shut until the end of the year.
The closing of the Woodford fund has led to investors pulling record amounts of money out of actively managed funds.