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Rothschild back in biotech

June 29, 2000 7:00 AM UTC

Rothschild Asset Management, the fund manager for International Biotechnology Trust that has said for the last 14 months that it is exiting biotech, has u-turned and decided to stay in the sector. Under the new management of Paul Manduca, chief executive of RAM and former chairman of the Association of Investment Trust Companies, RAM said in a letter to shareholders that it will continue as IBT's fund manager. Additionally, RAM will build up the team within the Rothschild Bioscience Unit (RBU), the body that runs IBT. However, the former head of RBU, Jeremy Curnock Cook will step down after 13 years, to be replaced with Chris Jenkins, a fund manager with experience in small high tech companies.

According to RAM (London, U.K.), "Manduca wants to see Rothschild as a major player in investment trusts and within this the biotech sector is extremely important." Having conducted market research, RAM has decided that institutional investors are attracted to investment trusts like IBT (LSE:IBT), which contains a portfolio of biotech companies with close contact to the fund managers. "IBT has a role to play in giving investors a broad portfolio of biotechnology companies in which to invest," RAM said. ...