Woodford Patient Capital trust appoints non-exec directors

The Woodford Patient Capital trust has expanded its board with the appointment of Carolan Dobson and Alan Hodson as non-executive directors. Both Dobson and Hodson sit on a number of other trusts’ boards. Dobson, formerly head of UK at Abbey National Asset Management, currently serves as non-executive director on the BlackRock Latin American Investment trust, and the Schroder UK Growth fund. She is also chair of the Brunner Investment trust, the JPMorgan European Smaller Companies trust, and the Aberdeen Smaller Companies Income trust. Hodson is senior independent director of JPMorgan Elect, non-executive director at HarbourVest Global Private Equity. He was previously chairman of the BlackRock Commodities Income investment trust. Launched by Neil Woodford (pictured) with much fanfare last April 2015, the £744.3 million (€881.2 million) Patient Capital trust has endured a troubled 2016 to date. Volatile markets and a number of portfolio holdings, particularly fledgling healthcare stocks, have depressed the value of the trust, leading Woodford to pledge he would not earn any fees for managing it for at least a year. According to Morningstar data, over the 12 months to July 27, the trust has fallen -22.6%, against the AIC UK All Companies sector average of -5.2%. ©2016 funds europe

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