Frost, manager of the Artemis’ UK Equity Large Cap Income fund, has returned 18.2% over three years versus a peer average of 17.6%.
In contrast, Woodford’s fund has lost 22.2% over three years and ranks bottom of Citywire’s UK Equity Income fund league table.
A spokesperson for Quilter said: 'While the fund groups and strategies for our sub-advised mandates are chosen with a long-term view, the process has the flexibility to add, replace, or remove fund managers where necessary.'
According to Quilter, a small number of clients are directly invested in the mandate, and Woodford’s LF Equity Income strategy is still available to clients who wish to retain exposure to Woodford’s strategy.
Quilter’s WealthSelect MPS had already withdrawn from Woodford’s funds in 2017.