(Alliance News) - Schroder Investment Management Ltd has been appointed manager of Schroder UK Public Private Trust PLC, which was until recently Woodford Patient Capital Trust.
The appointment means Woodford Patient Capital will officially be renamed Schroder UK Public Private Trust from the start of trading in London on Monday.
Schroder UK Public Private Trust's Chair Susan Searle commented on Friday: "I am extremely pleased to announce the appointment of Schroders as the company's portfolio manager. Following a smooth handover, the board is confident the portfolio manager's expertise in both public and private assets, alongside its deep sector experience, will enable the portfolio to deliver sustainable value and positive long-term shareholder returns.
"I have been highly impressed with the Schroders team and their approach, having worked closely with them during the transition. The board and I look forward to keeping shareholders updated as Schroders gets started as our new portfolio manager."
The appointment of Schroders Investment Management was first announced in October, following the departure of star fund manager Neil Woodford.
Neil Woodford's Woodford Investment Management Ltd resigned as portfolio manager of Woodford Patient Capital shortly before that, following the wind up of his flagship LF Woodford Equity Income Fund.
At the beginning of June, Neil Woodford took the decision to suspend withdrawals from the equity income fund due to "an increased level of redemptions", with the fund needing time to "reposition" its portfolio invested in unquoted and less liquid stocks into more liquid investments.
In a separate announcement Friday, Schroder UK Public Private Trust said it has extended its existing credit facility to January 15, 2021. The facility has been shrunk to GBP112.9 million, as part of a plan to reduce borrowing.
Shares in Schroder UK Public Private Trust were flat on Friday afternoon at a price of 34.31 pence a share.
By George Collard; georgecollard@alliancenews.com
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