3i replaces Rothschild at BIL

3i Asset Management will replace Rothschild Asset Management as the manager of assets of Biotechnology Investments Ltd. (LSE:BIYA). The BIYA board is proposing the liquidation of BIYA and the transfer of the assets to a new U.K. investment trust, 3i Bioscience Investment Trust. The net asset value of BIYA stood at $333 million ($6.31 a share) on Dec. 31, and the directors estimate that the NAV increased 24 percent to $413 million ($7.82 a share) at Jan. 25. BIYA's share price on Jan. 25 stood at 366p, which is equivalent to $6.04 a share and a discount to the estimated NAV of 22.8 percent. ...