Schroders to take over as manager of Neil Woodford investment trust
Asset manager Schroders is to take control of the listed fund previously managed by Neil Woodford.
The board of the Woodford Patient Capital Trust appointed the company to take the helm after the stock-picker resigned last week following a torrid six months.
The move, which is expected to be completed by the end of 2019, will also see the business renamed the Schroder UK Public Private Trust.
Schroders' appointment will bring "its successful and established investment approach across both quoted and unquoted companies" to manage the fund for the long term, the company said.
Mr Woodford resigned from the fund and closed down his investment management business after he was sacked from his flagship £3bn (€3.5bn) Woodford Equity Income Fund, which will now be wound up.
The equity income fund had been frozen since June, locking thousands of investors out of their cash and plunging Mr Woodford's investment empire into crisis.
The Patient Capital Trust has seen its share value sink over recent months as investors lost faith in the celebrity stock-picker.
Trust chairwoman 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.
"I would like to thank our shareholders for their support throughout this process as we have worked to put in place the right portfolio manager against the background of challenging circumstances."
Schroders will not a take a fee for the first three months, after which investors will be charged 1pc or 0.8pc depending on the size of assets.