Woodford Patient Capital Trust appoints Schroders as portfolio manager

Credit: REUTERS/ARND WIEGMANN

The board of Woodford Patient Capital Trust plc said on Thursday it has appointed asset manager Schroders as its new portfolio manager, following Neil Woodford's abrupt exit last week.

LONDON, Oct 24 (Reuters) - The board of Woodford Patient Capital Trust plc WPCT.L said on Thursday it has appointed asset manager Schroders SDR.L as its new portfolio manager, following Neil Woodford's abrupt exit last week.

Woodford, one of Britain's most high-profile fund managers, resigned as manager of the trust as he shut his asset management business following the closure by administrators of his flagship equity income fund.

Shares in WPCT, which had been Woodford's only listed fund, have fallen more than 60% since May.

WPCT will be renamed Schroder UK Public Private Trust.

(Reporting by Clara Denina)

((Clara.Denina@thomsonreuters.com;))

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