However, Hughes reasoned the third parties should charge fees for the work they undertake.
He added: "Investors will also benefit from their expertise in selling off the funds, and hopefully achieving the best price possible in the current market. However, it should be made clear what investors are actually paying for these services.
"I think Link needs to be more transparent with investors on what costs they will incur during the wind-up of the company.
"At the moment most investors pay a 0.75% fee per year for the fund, which includes Woodford's costs, Link's costs, and the other costs of running the fund.
"Link has agreed to waive its part of this fee, but has not said what that equates to. And it also has not said what it has agreed to pay the new fund managers, BlackRock and Park Hill, and whether this is more than Woodford's current fee.
"On top of this will be the costs of selling the assets, which are higher for unquoted assets."
Sorry state of affairs
Meanwhile, interim chair of the Treasury Committee Catherine McKinnell waded into the dispute, calling the winding up of WEIF, and the closure of WIM, "the beginning of the end of a sorry state of affairs".
She said: "This will have been a troubling time for investors in the Woodford fund, who may not get any money back until at least January. If it hasn't [done] so already, surely now the fund should waive its fees.
"There is still some time to go in this uncomfortable episode, which has raised important questions about the functioning of the funds industry. I'm sure the Committee will want to examine what lessons can be learned from this saga."
While Hargreaves Lansdown was quick to remove the fee following WEIF's suspension, WIM refused to do so.
*Calculated using the fund's median size between 3 June and 15 October, using FE data. Based on an OCF of 0.75%.
Woodford Equity Income fund
The fund will be liquidated by BlackRock Advisors and Park Hill from 17 January 2020. Investors will continue to pay fees in the interim and there is uncertainty as to when they will get all of their capital back.
Woodford Patient Capital trust
WIM will work a notice period of three months. The board said it expects to announce details of new management arrangements "shortly".
Link will use the suspension period to consider its available options, which could include appointing another investment manager, merging it into another fund or winding the fund up.
At the time WEIF was closed, the FCA was still investigating its suspension as well as a wider review of the ACD market. Pressure has also been put on the regulator to review liquidity standards.
Adrian Cammidge, head of investment communications at Kames Capital said: "While this has unfortunately tarnished the reputation of the industry, there are some who will lament his departure.
"Over 25 years he delivered a strong return for investors and that generates some loyalty. There will still be people who would invest with him in spite of everything that has happened."
This article was first published by Investment Week, a sister title to International Investment.