Neil Woodford has suffered his latest setback as asset manager Omnis Investments has removed Woodford Investment Management as manager of its £330m Omnis Income & Growth fund.
The news comes within a day of wealth manager St James's Place taking away its £3.5bn suite of funds from the beleaguered fund manager after a two-decade-long association. Others, including investment platform Hargreaves Lansdown and ratings agency Morningstar, have downgraded Woodford's eponymous equity income fund after it was suspended on Monday afternoon. Omnis, which is Openwork's specialist asset management company and manages £6.8bn of clients' assets, said it began the selection process for a new manager in May and expects to announce Woodford's successor imminently. Mike M...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
