Schroders will take a management fee of 1% a year based on the trust’s market capitalisation, up to £600m, and 0.8 per cent a year after that.
The firm will also charge a performance fee from 2023, which has been valued at 15% of any excess returns above a net asset value share of 77p.
Chairman 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.”
She added: “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.
“Throughout the process, the board has had a clear focus on achieving an outcome that protects and enhances long-term shareholder value and we believe Schroders is best placed to deliver this.”
The fund will also be renamed as Schroder UK Public Private Trust.
Kevin Doran, chief investment officer at AJ Bell, said the change would allow investors to “draw a line under the Woodford situation”.
He said: “The appointment of a new investment manager will be a source of relief for investors in the Patient Capital Trust, who have been more than patient during a period of uncertainty.
“Schroders have clearly got a challenge on their hands to sort out the holdings in the trust.
“There is likely to be a long period of realignment where the manager looks to determine which assets to keep and which to sell and even then, a buyer will have to be found for the assets they wish to dispose of.
“This is likely to be a long process and will incur transaction costs for investors.
“The payment of a management and performance fee more akin to a hedge fund may irk anyone initially attracted to the trust by the original charging structure, but for the rest, the opportunity to draw a line under the Woodford situation and move on will be, no doubt welcome.
“Another positive may be that the market responds well to this change and the significant discount closes a little.”