The Investment Association (IA) is planning a new type of fund after the suspension of the Woodford Equity Income Fund and an attack on ‘open ended’ investments by the governor of the Bank of England.

Omnis Investments, Openwork’s specialist asset management company with £6.9bn under management, has appointed Jupiter Asset Management as manager of its £317m Omnis Income & Growth Fund, replacing Woodford.

The chief executive of Hargreaves Lansdown has apologised to clients hit by the suspension of the Woodford Equity Income Fund.

Adviser network Openwork’s asset manager Omnis Investments is to replace Woodford Investment Management as manager of its £330m Omnis Income & Growth Fund.