Link Fund Solutions will start winding up Woodford Investment Management Ltd.'s flagship equity income fund on Jan. 18, 2020, City A.M. reported, citing a letter to investors from the former.

Link, the authorized administrator of the equity income fund, will come up with the final valuation of the fund's assets on Jan. 17, 2020.

The first in a series of payments to investors expected over the coming months is set to be made in late January 2020, the report said.

Blackrock, which is liquidating the fund's listed assets, has sold off 79% of the listed assets, or £1.65 billion, comprising 56% of the fund's overall value. The report said this indicates a total valuation of £2.95 billion for the fund, showing a 19% decline since it was suspended in June.

Proceeds from Blackrock's sale of assets have been reinvested in FTSE 100 index instruments, money market funds, government securities and commercial paper with short maturity date.

Park Hill, assigned to liquidate the fund's unlisted and illiquid holdings, has yet to sell any of its share. The report said that Park Hill may have had offers but decided that none were acceptable, citing Ryan Hughes, director of active portfolios for AJ Bell.