(Alliance News) - Woodford Patient Capital Trust PLC on Thursday said it has appointed Schroder Investment Management Ltd as its new portfolio manager, following exit of star fund manager Neil Woodford last week.
Schroder Investment Management, part of FTSE 100 listed asset manager Schroders PLC, will takeover as portfolio manager by the end of 2019, when the trust will be renamed Schroder UK Public Private Trust PLC.
Neil Woodford's Woodford Investment Management Ltd resigned as portfolio manager of Woodford Patient Capital on Tuesday last week 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.
Woodford Patient Capital shares were 12% higher at 33.98 pence each in London on Thursday.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Schroders (SDR)