U.K.-based asset manager Schroders PLC agreed heads of terms to become portfolio manager of Woodford Patient Capital Trust plc, after British fund manager Neil Woodford's exit from the trust.

Woodford Patient Capital Trust's board was in advanced discussions related to the ongoing management of the fund's portfolio, after Woodford decided to close Woodford Investment Management Ltd. The latter also resigned as investment manager of LF Woodford Income Focus Fund and Woodford Patient Capital Trust, its two remaining investment vehicles.

Schroders' appointment is expected by 2019-end. Woodford Patient Capital Trust will be renamed Schroder UK Public Private Trust plc.