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Rothschild Biotech fund faces shareholder revolt

Rothschild Asset Management saw the share price in its International Biotech Trust jump more then 10 per cent this week from 186p to 206p.

The move followed calls from a US investor for the management of the trust to be ousted and the fund broken up.

New York based Millennium Partners, who control more than 10 per cent of the fund’s assets, say IBT’s chief executive Jeremy Curnock-Cook and two other board members should be dismissed. The group also has called for the assets of the fund to be sold off and the profits redistributed amongst investors.

The fund’s future has been in doubt after Rothschild announced its intention last year to get out of biotech investment.

Curnock-Cook says he expects other investors to back him, and that he doesn’t believe Millennium is a long term investor.

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