The ongoing fallout following the decision taken on 3 June to suspend trading in the shares of the LF Woodford Equity Income Fund, a big UK authorised open-ended investment company (OEIC), has already highlighted a number of issues of fundamental importance to both the asset and wealth management communities.

These include, inter alia:

• the cult of so-called “star” investment managers
• the relevance of long-term performance records
• the relationship between investment management companies and execution only (XO) stockbrokers
• the role of the latter’s “buy-lists” in generati...