Neil Woodford, star fund-manager, comes a cropper

MAIDSTONE, KENT’S county town, was a bastion of resistance during the Peasants’ Revolt of 1381. Six centuries later it is at the centre of another rebellion, which threatens to engulf one of Britain’s best-known investment groups. The Kent County Council pension fund, which holds the savings of government employees, had for months been frustrated by the poor performance of the £3.7bn ($4.7bn) Woodford Equity Income Fund (WEIF). On June 3rd it tried to withdraw its £263m investment in the vehicle, prompting WEIF’s custodians to suspend redemptions. Insiders expect a stampede once trading resumes.

Neil Woodford, WEIF’s star manager (pictured), built his fame over 26 years at Invesco. In 2014 he left to start his own business. His approach, based on bespoke research, gut feeling and a taste for going against the grain, divided opinion. Among his first picks were four tobacco firms, a provocative bet amid a backlash against cigarette makers. But investors followed him: WEIF oversaw £10bn at its peak.