"The fund’s challenges have arisen because of performance and I now have a window in which I need to deliver to retain your confidence. Once again, I sincerely apologise for the anxiety that the suspension has caused you and your clients and I will keep you regularly updated as we progress through the shift outlined above."
Woodford Investment Management has also provided a template letter for advisers to share with clients and opened a helpdesk to deal with queries.
Over the past three years, the Woodford Equity Income fund has lost 19 per cent, while the IA UK All Companies sector has gained 28.5 per cent.
Following last week's suspension, Mr Woodford was fired as manager of three St James's Place mandates collectively worth £3bn, while Openwork - one of the biggest adviser networks in the UK - ditched him as manager of its £330m Omnis Income and Growth fund.