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.
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 Morrow, wealth and platform director at Openwork, said: "We have been working hard with the Omnis investment team over recent months to ensure that the Omnis Income & Growth Fund is delivering to its mandate and have the utmost confidence in the value of portfolio and the underlying investments within it."
Omnis said the fund would keep its diversified portfolio, with the new manager expected to maximise its value. It added that it will continue to work with Woodford during the transition.