UPDATE 1-Fidelity to curb investments in Woodford Income Focus Fund

(Changes source; adds details from Fidelity, background) June 18 () – Investment firm Fidelity International said on Tuesday that it has decided to restrict its customers from making new investments in money manager Neil Woodford’s Income Focus Fund. The move comes a couple of weeks after Woodford, among Britain’s well-known fund managers, suspended his flagship fund, LF Woodford Equity Income fund, due to an increase in redemption requests. “We believe this is in the best interest of our platform clients unless and until uncertainties are resolved and we are not restricting withdrawals from Woodford Income Focus Fund,” Fidelity International said in an emailed statement. Fidelity said the restrictions were temporary, calling them a “precautionary measure”. The news was earlier reported by the Telegraph. This is the latest setback for Woodford, coming after British wealth manager St James’s Place terminated its investment mandate with Woodford Investment Management and Hargreaves Lansdown removed the suspended fund from its ‘Wealth 50’ list. Woodford’s suspension of the 3.7 billion pound fund has been scrutinised by the media and industry experts while Britain’s regulator, the Financial Conduct Authority, has said it was looking into the circumstances surrounding the suspension. (Reporting by Carolyn Cohn in London and Muvija M in Bengaluru; Editing by Bernard Orr)Our Standards:The Thomson Trust Principles.