Schroders has been appointed as manager of International Biotechnology Trust (IBT), replacing SV Health Managers.
The board selected Schroder Unit Trusts as investment manager and alternative investment fund manager following a competitive process conducted in consultation with shareholders.
IBT’s portfolio managers, Ailsa Craig and Marek Poszepczynski, will be kept on in their roles. The pair have been involved in managing IBT since 2006 and 2013 respectively, and took over as joint lead managers in March 2021.
Since then, IBT’s NAV has outperformed its benchmark, the Nasdaq Biotech Index, by 6.7%. There are no plans to change the company’s discount and premium management policy or its strategy.
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The changes are subject to finalisation of legal documentation and regulatory approval. IBT is expected to formally transfer to Schroders in November 2023.
Founded in 1994, IBT offers investors exposure to the biotechnology sector through an actively managed, diversified portfolio. As well as investing in quoted biotech stocks, IBT includes a small proportion of unquoted investments.
Alex Tedder, head of global and thematic equities at Schroders, commented: “We are delighted to partner with IBT and look forward to working with the board to continue to deliver the company’s differentiated proposition for shareholders.
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“We will be pleased to welcome Ailsa and Marek and believe that their significant specialist expertise will enhance our thematic capability. Coupled with Schroders’ wealth of knowledge and experience of specialist equity strategies, Ailsa and Marek will help to drive shareholder returns in future.”
Kate Cornish-Bowden, chair of IBT, added: “Schroders has extensive experience of managing investment trusts, and is well positioned to support, and help to grow IBT. Ailsa Craig and Marek Poszepczynski will join Schroders and retain the existing investment approach and dividend policy. We look forward to working with Schroders and continuing to deliver superior long-term returns for our shareholders.”
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