Portfolio Manager Appointment and Change of Name
13 December 2019
Schroder UK Public Private Trust plc
Portfolio Manager Appointment
and Change of Name
The Board of Schroder UK Public Private Trust plc (previously Woodford Patient Capital Trust plc) (the "Company") is pleased to announce that Schroder Investment Management Limited ("Schroders") has been appointed as the Company's portfolio manager, effective immediately.
The Company has today been renamed Schroder UK Public Private Trust plc and the ordinary shares will trade under the TIDM "SUPP" with effect from 8:00am on Monday 16 December 2019.
Further details on Schroder UK Public Private Trust plc can be found here:
Schroders employs a collaborative team-based approach, combining its skill, experience and significant research resources across both public listed equity, and private equity.
Schroders' Private Equity investment team, Schroder Adveq, has over 20 years' experience and a track record of successfully investing in early stage companies both direct via co-investment and through funds. Schroder Adveq has over £10 billion of assets under management across several specialist strategies. This includes investments in funds and companies and over 100 direct co-investments across Europe, US and Asia.
Schroders will leverage its stock selection expertise from across its public equities teams, as well as its wider investment capabilities in Data Insights and Sustainability. The aim will be to exploit the very best of Schroders' long-term fundamental equity analysis in pursuit of identifying leading businesses of the decades ahead.
Susan Searle, Chair, commented:
"I am extremely pleased to announce the appointment of Schroders as the Company's portfolio manager. Following a smooth handover, the Board is confident that the portfolio manager's expertise in both public and private assets, alongside its deep sector experience, will enable the portfolio to deliver sustainable value and positive long-term shareholder returns.
I have been highly impressed with the Schroders team and their approach, having worked closely with them during the transition. The Board and I look forward to keeping shareholders updated as Schroders gets started as our new portfolio manager."
"Schroders is delighted to have been given the opportunity to manage this portfolio. The investment strategy we will utilise for the mandate, with its focus on investment in both public markets and private assets, reflects one of our key strategic growth areas across our business. We are also pleased that the borrowing facility has been extended for a 12-month period, allowing time for a considered approach to de-gearing the portfolio and providing the portfolio managers more flexibility in managing the Company's assets for the benefit of the shareholders."
As detailed in the Portfolio Manager Appointment announcement on 24 October 2019, Schroders will not take a management fee for three months; thereafter Schroders will be paid a management fee at the rate of 1.0% per annum on market capitalisation up to £600 million 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 Target NAV will be payable where the Target NAV is equal to: (i) 110% of the NAV at the time the performance fee was last paid; or (ii) 77p if no performance fee has been paid.
This announcement contains Inside Information as defined under the Market Abuse Regulation (EU) No. 596/2014.
Ed Berry / Tom Blackwell 0203 727 1046 / 1051
Estelle Bibby 0207 658 3431
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