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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.


Nottingham offers new investment account

Nottingham Building Society is offering a new fixed rate investment account with a 7.15 per cent annual interest rate guaranteed through June 2001. The minimum investment in the product is £2,500 or £1,000 for existing Nottingham customers and a maximum investment of £250,000. Investors have the option of increasing their stake while the account is […]

The key to being a new boss

I have recently acquired all the shares in a small limited company with an agreement with the vendor that the purchase price is payable in instalments over the next 10 years.The company has six employees and, prior to acquiring the company, I was sales manager.I would be grateful if you could highlight some of the […]

Permanent set to be first with net underwriting

Permanent Insurance is set to become the first provider to offer online underwriting for protection products through IFAs&#39 websites.The interactive facility, starting in July, will allow consumers to get quotes, send applications and underwrite their policies online through intermediary sites.Permanent says the ser- vice will allow IFAs to compete with direct brokers such as Direct […]

Pick a piece of friendly Pi

The old saying that constant change is here to stay has never been more true than today. Virtually all traditional businesses are facing threats from start-up dotcom companies and from mergers, acquisitions and so on.All companies, big or small, must evolve or die.This applies as much to IFAs as to any other type of firm. […]

Boosting our annuity strategies

Targeting annuity purchase in lifestyle strategies isn’t anything new but we’ve just lifted the bonnet and injected an enhancement shot into the end-point of these solutions. The recent volatility has shot short-term volatility into equity markets and painted a very turbulent backdrop but we’re also equally faced with a stressed fixed interest environment. This can […]


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