Rothschild Asset Management Ltd. has closed its new fund, International Biotechnology Trust plc, raising $56.6 million of the $155 million it had hoped to gather. But, for a change, the disappointment wasn't related to biotech.

"The real story was not a biotech story but an investment trust story," Rothschild Managing Director Jeremy Curnock Cook told BioCentury. "In the first quarter of 1994 there were several new investment companies launched in the U.K. which focused mainly on countries, but also on privatization. We found we were running into a lot of indigestion at institutions, all of which found IBT to have the same risk profile as the country funds, and one or two of the country funds started to trade at a significant - 15 percent - discount.