Stock picker "took as much money as he could" before the collapse of the fund: founder of the investment firm
"You won't get anything that is just going to cross," Charles Schwab told FOX Business.
Peter Hargreaves accused British investment titan Neil Woodford of taking "as much money as he could" before one of Woodford's major funds was suspended, during an interview with The Daily Mail.
Woodford "knew he broke and took as much money as he could, pending his business to go down," Hargreaves said.
The fund in question is Woodford's £ 9.9 billion fund responsible. Woodford prevented customers from withdrawing money from the fund after many of them became nervous about poor market performance, The Guardian reported in June.
FILE PHOTO: British fund manager Neil Woodford is seen in this undated dividend photo released July 18, 2019. Jonathan Atkins / Handout via REUTERS / File Photo
Woodford's company shuttered last week, reports The Daily Mail.
Hargreaves doubts Woodford's ability to pick shares or exercise caution in the Daily Mail interview.
Hargreaves is the co-founder of one of the UK's largest financial services and is worth $ 3.8 billion, according to Forbes.
Peter Hargreaves, CEO of Hargreaves Lansdown Plc, posing for a photograph in London, UK, Friday, October. June 15, 2010. Photographer: Chris Ratcliffe / Bloomberg via Getty Images
Woodford accused the fund of shutting down its Authorized Executive Vice President, an organization called Link Fund Solutions Limited. [19659003] "This is with a view to returning cash to investors at the first opportunity," Link said of the decision in a letter to investors last week.
"We did not fully agree with Links that the fund would reopen by the end of the year as investors had previously been informed, "a Woodford spokesman told FOX Business on Sunday.
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