Neil Woodford's brand has gone from asset to liability

To rebuild trust, the embattled fund manager should start by scrapping his management fees

Neil Woodford once had a reputation as Britain's answer to Warren Buffet, with the celebrity kudos to bring in more than 10bn of other people's money to manage on their behalf.

Stock watchers used to refer to the "Woodford effect" of investors picking a star manager, rather than a particular asset class or market. The situation could not be any more different today with his Equity Income Fund in crisis.