At first sight the decision of St James’s Place (SJP), one of the UK’s biggest specialist wealth management firms, to relieve Oxford-based Woodford Investment Management (WIM) of equity mandates worth more than £3.5 billion, looks a little odd.

After all, it was only around a week ago that the Cirencester-based company issued a statement reiterating its faith in Neil Woodford, WIM’s founder.

“We remain confident in Neil Woodford and his ability to manage our clients’ money as mandated,” said SJP’s statement. “Neil has delivered exceptional returns over the past 30 years and we continue to support his pr...