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BlackRock buys 11 per cent stake in the Woodford Patient Capital Trust

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BlackRock, the world’s largest asset manager, has purchased an 11 per cent stake in Neil Woodford’s Patient Capital Trust (PCT).

The move follows the PCT’s official debut on the London Stock Exchange on Wednesday. The hotly-anticipated listing was the largest investment trust launch in UK history; the PCT instantly moved onto a premium to net asset value.

BlackRock’s stake amounts to just under 90.2m shares, or £117m. Shares in the PCT closed at 1.03p yesterday. As reported by Your Money on the launch of the PCT, the Trust’s first investment will be AIM-listed diagnostics firm Sphere Medical Holdings – and around 30 other shares are currently under consideration for investment.


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