Charles Stanley Direct, the wealth manager, has removed Neil Woodford's flagship equity fund from its flagship list of preferred investments — dealing another blow to the renowned fund manager, who continues to battle outflows.

Woodford's £6.7bn fund, which has been hit by sharp share price falls among some of its main holdings, will no longer feature on Charles Stanley Direct's 54-strong list of recommended funds and investment trusts, which is compiled by its in-house research team.