Neil Woodford is a star investor in the UK. He famously outperformed his peers over many years as manager of the Invesco Perpetual Income Fund. When, five years ago this month, he set up his own fund, the Woodford Equity Income Fund, it was billed as the fund launch of the decade. However, it didn’t work out as planned. The fund performance was dreadful, clients have been withdrawing their money and last month Woodford took the highly unusual step of suspending trading in the fund and preventing more investors from making withdrawals. What can we learn from this episode? To tell us, Peter Lewis went to see Rick Adkinson, Managing Director of Private Capital.