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Openwork names replacement for Woodford

Neil Woodford

Openwork’s in-house asset manager Omnis has named Jupiter Asset Management as the new manager of its £317m Omnis Income & Growth Fund.

The decision comes after it had removed Woodford Investment Management from the mandate at the beginning of month.

The advice network said that Jupiter, which already manages Omnis’s Emerging Markets and European Equity funds, was appointed “after a competitive selection process”.

Openwork added that the decision to remove Woodford from the mandate was made in May to “focus on delivering the best outcomes for clients and the advisers that serve them”.

Its announcement of the decision followed similar move by St James’ Place on its segregated mandate with Woodford, and Hargreaves Lansdown, which shuffled Woodford out of its Wealth 50 list.

The Omnis Income & Growth Fund will be managed by Ben Whitmore, who joined Jupiter in 2006, and is currently head of strategy for value equities.

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Openwork wealth and platform director Mike Morrow said: “We have the utmost confidence in the Omnis Income & Growth Fund value-driven mandate and in Jupiter’s ability to manage the portfolio in the best interests of clients and advisers.”


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