Woodford Investment Management (WIM) amassed approximately £24.8m* in fees during the Equity Income fund's (WEIF) suspension.
Between 3 June when the fund was gated and 15 October when ACD Link Fund Solutions announced WEIF would be wound up, the fund took £184,034.22 a day in fees.
In an investor update on 15 October, Link Fund Solutions (LFS) said the fees would remain in place until the process to wind up the fund begins on 17 January 2020.
However, while there will be no changes to the fees levied in the interim, the proceeds will be used to pay 'transition manager' BlackRock Advisors for its services, as well as the fees of the fund's depositary, administrator, custodian and auditor.
LFS added it will not take its fee for acting as ACD from the point of suspension and any surplus remaining after paying the other fees will be returned to the fund.
Meanwhile, the brokerage and legal costs, including the costs of 'specialist broker' Park Hill, will continue to be borne by the fund.
LFS admitted these costs will be "greater during this period than they were typically in previous periods due to the requirement to sell all of the fund's assets".
When the winding up of the fund begins on 17 January investors will no longer be charged fees, although BlackRock and Park Hill's fees will be taken directly from the fund's assets.
While BlackRock is not expected to charge extortionate fees, Park Hill's services could prove more expensive due to the nature of illiquid assets.
Ryan Hughes, head of active portfolios at AJ Bell, said: "Investors will still be incurring high costs for the winding up of the fund, particularly selling off the illiquid assets.
"These costs will be taken out of any proceeds from the sale, so will eat into the money investors get back."
Ben Yearsley, director at Shore Financial Planning, agreed, adding that the sales process could take up to a year.
"BlackRock's fees should be fairly low as they will be disposing of a basket of easy-to-sell quoted stocks, so it will be a matter of basis points. Park Hill will be a lot more.
"You could end up with a few holdings they cannot dispose of - that could easily take six to 12 months."
AJ Bell's Hughes also said he "cannot see this being resolved in a few months".
"The liquidity assessment carried out by Link in April this year stated that a third of the fund would take six months to a year, or more, to liquidate.
"On that basis, and considering the fact that progress so far on liquidating assets clearly hasn't been as fast as Link expected, I think six months to a year seems plausible," he warned.
"Link has said it will balance the competing demands of getting the best price with the time taken to sell, but unfortunately I think we will see the fund wind-up drag on for many more months."
Morningstar's Peter Brunt, associate director, equity strategies, manager research, railed against BlackRock and Park Hill taking fees from winding up the embattled fund.
"Given the criticism that WIM came under for continuing to charge the full management fee during the suspension period, we find it surprising and disappointing that BlackRock and Park Hill have not made any concessions under the new management set up," he said.
"While we acknowledge there will be costs involved, it is hard to argue the need for the full management fee when the objective is to sell assets."
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