Disgraced fund manager Neil Woodford has said he is "not a villain" as he makes his comeback as an economic commentator.
A new website, Woodford Views, has been set up less than a week after the Financial Conduct Authority accused the fund manager of having a “defective” understanding of his responsibilities in managing his fund in a warning notice.
A post on the website, which went live on Wednesday (April 17), said he is "neither hero nor villain".
The post, which was written by the 64-year-old, said: “You may remember me as the fund manager who avoided the dot-com bubble and the banking crisis and delivered index-beating performance for over 25 years, or perhaps as the ‘disgraced’ fund manager who presided over Woodford Investment Management's collapse in 2019.
“Others may not have heard of me at all. Whatever your perspective, you may be curious about what I have to say about a wide range of economic, social, and political issues that impact our everyday lives.”
The former fund manager went on to say Woodford Views would provide economic analysis and commentary “without censorship from editors”.
The website reads: “With respect to my story, the truth is that I am neither hero nor villain.
“I was never the financial saviour of middle England, but then, neither do I think I was worthy of the onslaught that followed the failure of my business.
“There is much more to be revealed about the story, and I will shed some light on the events that led to the losses that investors suffered when the fund was wound up.
“However, regardless of who was responsible for what, the fact is investors were trapped in my fund and suffered permanent losses, and this will always weigh heavily on me.”
The Woodford Equity Income Fund fund had been struggling with outflows before being suspended in 2019.
A significant portion of the fund's assets were in unquoted companies, which made meeting client redemptions more difficult, and ultimately led to redemptions being suspended by Link Fund Solutions, the administrator.
In the post, Woodford said he has spent the past five years reflecting on the reasons why the fund failed.
He added: “As much as I would not choose to relive that extremely challenging time, I learned much from it and believe that going through it has given me important and valuable insights, which will help inform my analysis and commentary.”
Last month, investors trapped in the Woodford fund started receiving the first payments of a £230mn settlement scheme approved by the High Court in February.
tara.o'connor@ft.com, additional reporting by David Thorpe.
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