He added that Mr Woodford has to an extent been the victim of his own desire for transparency, due to his policy, rare in the fund management industry, of publishing the full list of his holdings.
Mr Corrigan said this left some of the smaller companies in the fund vulnerable to short sellers-who bet against the share price.
Short-sellers noticing the outflows from Mr Woodford’s funds chose to bet against those stocks, knowing Mr Woodford would have to sell them.
Mr Corrigan said he has not made up his mind about whether to advise his clients to stay invested in the fund.
He said: "A close eye will continue to be maintained over this fund and further advice follows. Further progress reports will be posted at suitable junctures."