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Schroders appointed to run Woodford Patient Capital Trust

Following a review, it has been decided that Schroders will run the £687m Woodford Patient Capital Trust ('WPCT').

Chairman of the board Susan Searle has stated the following with respect to Schroders: '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.'

'Throughout the process, the board has had a clear focus on achieving an outcome that protects and enhances long-term shareholder value and we believe Schroders is best placed to deliver this. A well-managed handover is underway to protect shareholder value and deliver long-term performance for all shareholders,'

Once Schroders have been formally appointed, the individual fund managers who have been selected to run the trust will be announced.

The trust has agreed to pay Schroders a tiered annual management fee of 1% of its market value up to £600 million, falling to 0.8% above that. Additionally, a three-year performance fee has been agreed which will see the fund manager take 15% of any gains in net asset value (NAV) over 77p per share at the end of 2022. Beyond that date an annual performance fee will enable Schroders to earn 15% of any growth in NAV above 10%, subject to a high watermark.

- uploaded - 24 October 2019

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