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Openwork replaces Woodford on fund mandate

Openwork’s in-house asset manager Omnis has become the latest to remove Woodford Investment Management from a fund mandate.

Woodford managed the £330m Omnis Income and Growth fund on behalf of the advice network, but Openwork said in a statement that it has been in the process of selecting a new manager since last month.

The talks on who will replace Woodford are in an “advanced stage with a final decision expected shortly”, the firm says.

Omnis will continue to work with Woodford during the transition, but in the statement notes that the mandate Woodford ran for the firm was separate from Woodford’s suspended Equity Income fund, and that none of the investments were held directly by Woodford due to its segregated mandate model.

Openwork wealth and platform director Mike Morrow says: “We have been working hard with the Omnis investment team over recent months to ensure that the Omnis Income and Growth fund is delivering to its mandate and have the utmost confidence in the value of portfolio and the underlying investments within it.”

Openwork’s decision to replace Woodford follows a similar move by St James’ Place on its segregated mandate, and Hargreaves Lansdown, which shuffled Woodford out of its Wealth 50 list.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Julian Stevens 7th June 2019 at 11:38 am

    The not so good ship HMS Woodford is fatally holed below the waterline and is going down. I see little prospect of it being saved. Even if the Income fund achieves a dramatic recovery in the near future (not very likely), the next question on investors’ lips is likely to be: Yes, but how long is it likely to last? Let’s get out while we can.

  2. David Bennett 9th June 2019 at 8:02 am

    IMO, having significant investments in Non Liquid Assets was always a risk.

    As you say, likely that the fund will disappear once withdrawals are permitted

    I imagine that there will be complaints off the back of this.

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