英国知名基金经理伍德福德惨淡收场 | 双语阅读-宏观经济-热点资讯-野望文存 财经 
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英国知名基金经理伍德福德惨淡收场 | 双语阅读

发表时间:2019-10-19 17:32:00  来源:野望文存  浏览:次   【】【】【

尼尔?伍德福德被其旗舰基金的破产管理人炒鱿鱼。他曾在景顺工作26年,成为一位知名人物,但自立门户后手气逆转。


Photo credit: Getty Images


全文共745个词。


Neil Woodford’s investment empire imploded on Tuesday as the UK’s best-known fund manager was fired from his flagship fund and he walked away from his remaining two investment vehicles.

尼尔?伍德福德(Neil Woodford)的投资帝国周二内爆。这位英国最知名的基金经理被其旗舰基金开除,他随后离开自己剩余的两个投资工具。


① implode [?m?pl??d] vt. 使内爆; vi. 向内破裂; 内爆

例句:The decision came just as the firm moved to expand its commitment to real estate investing, even though the US mortgage market was already starting to implode. 作出上述决定之际,该公司正要扩大房地产投资,尽管当时美国抵押贷款市场正开始内爆。


On Tuesday morning, the administrator of the flagship Woodford Equity Income Fund abandoned an attempt to relaunch the frozen investment vehicle and transferred its ?3bn of assets from Mr Woodford to be liquidated.

周二上午,旗舰基金——伍德福德股票收入基金(Woodford Equity Income Fund)的破产管理人放弃了重启这一已被冻结的投资工具的企图,并从伍德福德手中接管基金的30亿英镑资产,准备进行清盘


 liquidated ['l?kw?,det] adj. 已偿付的; v. 清偿; 清理(liquidate的过去式)

例句:Debt is always liquidated. The only question is how you liquidate debt. 债务总会被清偿,唯一的问题是你会怎样偿还。


In an initially angry response, Mr Woodford said the decision by Link Fund Solutions was “one I cannot accept, nor believe is in the long-term interests [of investors]”.

伍德福德在最初的愤怒回应中表示,Link Fund Solutions的决定是“我无法接受,也不相信符合(投资者)长期利益的”。


Photo credit: Getty Images


However, on Tuesday evening Mr Woodford threw in the towel, resigning from the Woodford Patient Capital Trust and his Income Focus Fund, effectively ending three decades of managing outside money.

然而,到了周二晚,伍德福德决定放弃,从伍德福德耐心资本信托基金(Woodford Patient Capital trust)和伍德福德收入聚焦基金(Woodford Income Focus Fund)辞职,实际上结束了30年的外部资金管理生涯。


“We have taken the highly painful decision to close Woodford Investment Management,” he said. “I personally deeply regret the impact events have had on individuals who placed their faith in Woodford Investment Management and invested in our funds.”

“我们做出了非常痛苦的决定,关闭伍德福德投资管理公司(Woodford Investment Management),”他表示。“对于近期事件对那些信任伍德福德投资管理公司、并投资于我司基金的人们造成的影响,我个人深感遗憾。”


Mr Woodford became a household name during 26 years at Invesco where he turned ?1,000 invested into more than ?25,000. But he was later known for a reckless investment style, piling into illiquid and unquoted stocks, which led to the destruction of his clients’ savings.

伍德福德在景顺(Invesco)工作的26年期间成为一位知名基金经理,把1000英镑的初始投资变成2.5万英镑。但后来他以不顾后果的投资风格出名,大举投资于流动性不佳和未上市的股票,致使客户的储蓄遭受严重损失。


The Equity Income Fund was suspended in June after being crippled by relentless redemption requests and investment losses, sparking the biggest crisis in the European fund management industry in a decade and an investigation by the UK’s Financial Conduct Authority.

今年早些时候,伍德福德股票收入基金因遭遇无休止的赎回要求和投资损失而陷入困境,于6月被暂停,引发欧洲基金管理行业10年来最大危机,并受到英国金融行为监管局(FCA)调查。


③ redemption [r??demp?n] n. 赎回; 拯救; 偿还; 实践

例句:Redemption was for Nietzsche not a deliverance from sin, but a total affirmation of life, with all its pain, suffering and absurdity. 救赎对尼采来说不是从罪恶中得以解脱,而是对生活的彻底肯定,包括其中的痛苦、折磨和荒诞。


Problems at the fund stemmed from its exposure to stocks that cannot easily be bought or sold. Link had tried to reposition the fund with a view to reopening it in December but decided that not enough progress had been made to allow it.

该基金的问题源于其对不容易买卖的股票的敞口。Link曾试图重新定位该基金,以期在12月重新开放,但最后得出结论认为没有取得足够进展允许它这么做。


Photo credit: Getty Images


“This collapse is on a par with the implosion of New Star at the height of the financial crisis, and it will shake the funds industry to its core,” said Adrian Lowcock, head of personal investing at Willis Owen, the investment platform, referring to the 2008 crash of John Duffield’s fund management group.

“这场崩溃可与金融危机最严重时New Star的内爆相提并论,它将冲击基金业的核心,”投资平台Willis Owen的个人投资负责人艾德里安?洛考克(Adrian Lowcock)表示。他指的是约翰?达菲尔德(John Duffield)的基金管理集团在2008年崩溃。


The Equity Income Fund had continued to generate fees for Mr Woodford, with ?8m coming since its suspension. His main revenue generator had then been the Woodford Income Focus fund, which has halved in size since June, shrinking to just ?252m. At that level it generates about ?1.5m in annual fees, a tenth of the ?12m in salary and pension costs in Woodford Investment Management’s latest accounts.

伍德福德股票收入基金此前继续为伍德福德带来费用收入,自暂停以来仍产生800万英镑这样的收入,其间他的主要营收来源是伍德福德收入聚焦基金,该基金自6月以来规模缩小一半,缩水至区区2.52亿英镑。在这个水平上,它每年产生约150万英镑费用收入,是伍德福德投资管理公司最新账目中1200万英镑工资和养老金成本的十分之一。


As recently as the 2018 financial year, Woodford Investment Management received ?78m in revenue.

就在2018财年,伍德福德投资管理公司仍实现7800万英镑营收。


Peter Brunt, an executive at the fund data group Morningstar, said Mr Woodford faced an existential crisis. “WIM’s sole revenue source, management fees, has been significantly diminished in line with its assets — it has not received a fee on its investment trust for years and is no longer receiving a fee on its former flagship fund.”

基金数据集团晨星(Morningstar)的高管彼得?布伦特(Peter Brunt)表示,伍德福德面临一场生死存亡的危机。“管理费收入作为伍德福德投资管理公司的唯一营收来源,已经与资产一起严重缩水——该公司已经多年没有从投资信托基金收到费用,现在也不再从其曾经的旗舰基金收到费用收入。”


Photo credit: Getty Images


He said client trust had evaporated and it would be hard for Mr Woodford to attract new investors. “It will be incredibly difficult for the firm to continue as a going concern,” he said.

他说,客户的信任已经蒸发,伍德福德很难吸引新的投资者。“这家公司要继续经营下去将非常困难,”他表示。


BlackRock has been mandated to sell liquid holdings and some illiquid investments, accounting for roughly two-thirds of the ?3bn in assets, while PJT will attempt to sell the private and illiquid assets.

贝莱德(BlackRock)被授权出售流动资产和一部分非流动性投资,约占30亿英镑资产的三分之二,而PJT将尝试出售私有和非流动性资产。


The hundreds of thousands of investors trapped in the fund are likely to incur significant losses and any return of capital is not expected until next year.

被该基金套住的逾十万投资者可能会蒙受重大损失,资本返还至少要等到明年。


Mr Woodford spectacularly fell out with the board of WPCT in the summer after he sold ?1m of personal shares he owned in the trust and did not inform them for three weeks. Several of his long-term allies have also recently left the board. Its share price has tumbled more than 60 per cent this year.

伍德福德在今年夏季与伍德福德耐心资本信托基金董事会的闹翻引发了轩然大波,因为他抛出了自己个人在该基金持有的100万英镑股票,却拖了三个星期才通知董事会。他的几个长期盟友最近也离开了董事会。该基金的股价今年以来暴跌逾60%。


Photo credit: Getty Images


Separately, WPCT had been hunting for a new manager to replace Mr Woodford. WPCT shares tumbled 10 per cent to a fresh all-time low on Tuesday. Analysts at Stifel, the investment bank, said WPCT’s board needed to appoint a new manager “as a matter of necessity” and the trust also moving to a “run-off” phase was more likely.

与此同时,伍德福德耐心资本信托基金一直在物色新的经理人来取代伍德福德。该基金股价周二下跌10%,至历史新低。投行Stifel的分析师们表示,该基金的董事会有必要尽快任命一名新经理,而且该基金也有可能进入清盘阶段。


The value of assets managed by Mr Woodford peaked at more than ?15bn two years ago.

伍德福德管理的资产价值在两年前达到超过150亿英镑的峰值。


The FCA, which has been criticised for not acting sooner over the Woodford crisis, said Mr Woodford’s sacking removed uncertainty. “Winding up the fund will allow the return of money to investors through a number of distributions, likely to begin in January 2020.”

英国金融行为监管局因未能更早针对伍德福德危机采取行动而受到批评。该局表示,解除伍德福德的职务消除了不确定性。“清盘该基金将为通过一系列分配向投资者返还资金创造条件,这些分配有望从2020年1月开始。”


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