Disclosure – Non-Independent Marketing Communication
This is a non-independent marketing communication commissioned by International Biotechnology. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.
The board of International Biotechnology Trust (IBT) announced on Monday that its investment manager, SV Health Investors Ltd, had served notice to terminate the investment management agreement for the trust.
SV Health has a background in managing private health sector investments and, as IBT incorporates a blend of public and private investments, it represented something of an outlier in relation to the firm’s core operations. This decision, therefore, whilst understandable, is perhaps a little surprising.
Reassuringly, the trust’s joint lead managers, Ailsa Craig and Marek Poszepczynski, have indicated a desire to continue working on the trust should an opportunity arise in which they can do so. Given that performance has strengthened since they took over the trust’s helm in March 2021, and the trust trades at the narrowest discount in the AIC subsector, we imagine that investors would prefer to see a situation in which Ailsa and Marek continue to run the company’s assets as part of a new set-up.
The trust’s board has instructed its advisers to review IBT’s options and is currently consulting with major shareholders as to the outlook for the trust.
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