Omnis, our specialist asset management company with £6.8bn under management, is replacing Woodford Investment Management as manager of its £330m Omnis Income & Growth Fund.
The selection process for a new fund manager began in May and is at an advanced stage with a final decision expected shortly as Omnis maintains its focus on ensuring the best outcomes for clients and the advisers that serve them.
The new fund manager will be mandated to maximise value in the Omnis Income & Growth Fund highlighting confidence in the sector and Omnis’s diversified portfolio. Omnis will continue to work with Woodford during the transition.
The Omnis Income & Growth Fund is entirely separate from Woodford’s Equity Income Fund, which was suspended on 3rd June, and none of its assets under management are held directly by Woodford Investment Management.
We have worked with Omnis to ensure that the Omnis Income & Growth Fund maintains a strong liquidity profile.
Our Wealth and Platform Director, Mike Morrow, 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 use of segregated fund mandates means advisers and their clients benefit from a diversified blended fund approach. They provide a range of portfolios which have no exposure to the Omnis Income & Growth Fund should advisers and their clients wish to consider alternative options for their investments. We will be providing regular updates to advisers and their clients to ensure they are kept fully informed.