Fund manager Neil Woodford, whose retail fund empire crumbled less than two years ago, is to stage a comeback with a new investment business.

Bestinvest’s latest ‘Spot the Dog’ report on the worst performing funds reveals that investors have nearly £44bn tied up in underperforming investments.

Woodford Investment Management, the high profile fund manager set up by Neil Woodford, is to close after it lost most of its remaing fund management contracts.

Woodford has extended the suspension of its LF Woodford Equity Income Fund (a sub-fund of LF Woodford Investment Fund) for at least another 28 days as the company grapples to avoid disaster.