Neil Woodford’s flagship fund might lose 1 billion pounds or more, according to new estimates.

The LF Woodford Equity Income Fund might lose more than one billion pounds, according to a new Reuters report. The fund – backed by 300,000 investors – failed due to liquidity challenges. The company owned a significant number of hard-t0-sell stocks at a time that it saw a wave of redemption requests.

Regulators suspended the three-billion pound fund for nearly five months. The news became a massive embarrassment for one of London’s most prolific money managers.

LF Woodford Equity Income Fund Breakdown

Reuters cites an impact assessment dated October 11, which was four days before Link Fund Solutions announced plans to shutter the fund. The assessment showed that investors – many of them small savers – would lose roughly 36% of their money.

The Fate of Neil Woodward

The company ousted Neil Woodford in October after poor performance and the suspension. Bank of England Governor Mark Carney raised concerns around open-ended investment funds that allow investors to withdraw money on any day of their choosing. The Financial Conduct Authority will release new parameters on how investors can withdraw their money from these funds in December.

Meanwhile, Link Fund Solutions recently said that a reopening for the fund has faced new challenges.

“Whilst progress has been made in relation to repositioning the Fund’s assets, this has unfortunately not been sufficient to allow reasonable certainty as to when the repositioning would be fully achieved and the Fund could be re-opened,” Link said.