From the documentation:
Configuring Update Manager Patch Download Location
When you install Update Manager, the installation wizard allows you to change the location for downloading
patches. If you keep the default location during the installation, and want to change it later, without
reinstalling Update Manager, you have to do it manually.
To configure the Update Manager patch download location
1 Stop the Update Manager service.
2 Find the vci-integrity.xml file in the Update Manager installation directory.
The default location is C:\Program Files\VMware\Infrastructure\Update Manager.
3 Create a backup copy of this file in case you need to revert to the previous configuration.
4 Edit the file by changing the following fields:
The default patch download location is:
C:\Documents and Settings\All Users\Application Data\VMware\VMware Update Manager\
Data\
The directory path must end with \.
Save the file in UTF-8 format, and replace the existing file.
5 Copy the contents from the old patchstore directory to the new folder.
6 Restart the Update Manager service.