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.