More than £60m has been wiped off the value of Kent County Council’s pension investment in Neil Woodford’s flagship fund as the crisis deepens.
A council report shows KCC’s pension holding was worth £198.5m at the end of October, down significantly from £260m seven months earlier on 31 March.
This comes just over four weeks since Mr Woodford announced his company would be winding down, which KCC were not told about and whose investment remains trapped inside.
KCC’s superannuation fund committee met behind closed doors last Friday at Maidstone County Hall to discuss the latest financial report on the valuation of its Woodford investment.
The Local Democracy Reporting service understands the KCC superannuation committee pointed towards the “volatile” nature of market valuations during the meeting, which some members said can fluctuate up and down.
It is believed KCC’s superannuation fund committee focused on more positive aspects during the meeting, notably the overall value of its pension investments.
The total value of KCC pension investments are £6.423bn, according to the latest figures, which marks a 3.3 per cent increase from January this year.