- The board of Woodford Patient Capital Trust has appointed Schroder Investment Management as portfolio manager, with the appointment expected by the end of 2019.

The company will be renamed Schroder UK Public Private Trust and will be managed in line with its existing investment objective and policy. Schroders will operate a team-based approach to manage the company's portfolio.

On appointment, Schroders will not take a management fee for three months but after this period it will be paid a management fee at the rate of 1% per annum on market capitalisation up to £600m and 0.8% per annum thereafter.

There is no performance fee payable until 31 December 2022, at which point Schroders will be eligible to a fee of 15% of any excess returns above a NAV per share of 77p.

Thereafter, a performance fee of 15% of any performance above a hurdle of 10% of net assets each year will be payable, subject to a high watermark.

Chairman Susan Searle said: 'Following a competitive process, we are delighted to be appointing Schroders as the company's portfolio manager. Its careful and considered long-term approach to investment, backed by its substantial research resources in both public and private assets, makes it the natural choice to manage the company's portfolio.'

At 8:16am: [LON:WPCT] Woodford Patient Capital Trust Plc share price was +3.53p at 33.88p

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