Neil Woodford has declined to reveal how much he has invested in the Patient Capital trust.
Alan Brierly, an analyst at Canaccord Genuity, has compiled data on the extent to which managers of UK-listed investment trusts are invested in the products they run.
Neil Woodford’s firm declined to disclose the amount he has invested in the Patient Capital investment trust, but Woodford Investment Management said all of his personal wealth is invested in the three funds he manages.
In addition, neither Mr Woodford personally nor the company he runs receive a fee for managing the Patient Capital trust unless it achieves a return of 10 per cent.
The largest investment trust on the UK market is the £7.4bn Scottish Mortgage. Its managers, James Anderson and Tom Slater, have a combined £82.9m invested in the trust, an increase of about £22m in the size of the duo’s stake since last year, accounted for by the trust having gained 33 per cent in 12 months.
James Budden, head of retail marketing and distribution at Baillie Gifford said: "We believe managers should eat their own cooking and share the same investment experience as other shareholders."
Meanwhile Lord Jacob Rothschild and his family members have £336m invested in RIT Capital, the mixed asset investment trust of which he is chairman.
Mr Brierly's report examined the board composition, and level of investment held by the managers and directors of trusts listed on the UK market.
RIT Capital is a £3.3bn market cap investment trust that has returned 75 per cent over the past five years to 17 May, compared to 35 per cent for the average trust in the AIC Flexible Investment sector in the same time period.
The managers of the Tetragon investment trust, a £1.4bn fund, have £185m of their own capital in the fund, while the managers of the Apax Global Alpha fund have £170m.
Nick Train, whose £1.3bn Finsbury Growth and Income trust has returned 85 per cent over the past five years to 17 May, compared with 45 per cent for the average trust in the AIC UK Equity Income sector in the same time period.
He has about £9m of his own money invested in the trust.
david.thorpe@ft.com
