Leading wealth management firm St James’s Place has removed Woodford’s mandate from a series of funds, ending their £3.5bn association with Woodford Investment Management.
Earlier this week Neil Woodford’s billion pound equity income fund blocked their savers from accessing their cash after an apparent exodus of investors.
Woodford’s company said they made the move to protect investors and reposition the portfolio in an attempt to preserve liquidity.
The funds reportedly represent 40% of the £8.6bn under his oversight on Wednesday, dealing another blow to the city heavyweight.
In a video Woodford said he was “extremely sorry” and insisted his multimillion-pound flagship fund had a plan in place to stabilise his fund.
Despite this one of the country’s largest wealth management firm announced they are to reallocate the mandate on funds under Woodford’s management, according to the Financial Times.
The newspaper also said that Woodfrod was responsible for the company’s UK High Income Unit Trust, UK Equity, Income Distribution and SJPI UK High Income funds.
This move came after the Financial Conduct Authority (FCA) stepped up enquiries to Woodford’s business, and Hargreaves Lansdown dropped him from its Wealth 50 list of recommended funds.
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