Swindon-based Omnis Investments, the wholly-owned investment management arm of Openwork Holdings, an IFA network, has sacked Woodford Investment Management (WIM) as manager of its £330 million Income and Growth Fund.

Omnis announced its decision in a press release late on 6 June. On the previous day St James’s Place (SJP), announced that it was removing mandates worth around £3,5 billion from WIM.

Both decisions come in the wake of the suspension of dealings in the £3.7 billion LF Woodford Equity and Income Fund, WIM’s flagship vehicle on 3 June.

Launched in February 2015 the Omnis Income and Growth Fun...