Established in 1994, IBT gives investors access to the swiftly growing biotechnology industry through an actively managed, diversified fund.
IBT makes investments in a diverse portfolio of biotechnology stocks that are publicly traded around the world, in addition to a small percentage of selected unquoted investments that have the potential to provide extra returns over time.
Ailsa Craig and Marek Poszepczynski, the portfolio managers for IBT, will remain with Schroders and carry on in their positions.
Craig and Poszepczynski took over as joint lead managers in March 2021 after being active in IBT management since 2006 and 2013.
Since then, the NAV of the Company has increased by 6.7% in comparison to the benchmark Nasdaq Biotech Index.
IBT plans to continue delivering its distinct offering of reliable returns, reduced volatility, and an annual dividend through the Schroders platform.
In addition, there are no intentions to amend the Company’s discount and premium management policy or approach.
Through a variety of thematic funds, IBT will supplement Schroders’ current capacity to provide UK investors with exposure to specific topics and sectors that will profit from long-term trends and structural changes in the global economy.
The recently formed Schroder Global Sustainable Food and Water Fund is part of this portfolio.
Alex Tedder, head of global and thematic equities at Schroders, said: “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. 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 is an excellent fit for IBT. Following a comprehensive, independent process, we have identified a new Fund Manager for IBT, which aligns with the preference for continuity expressed by our shareholders. Schroders has extensive experience of managing investment trusts, and is well positioned to support, and help to grow IBT.’’
Craig and Poszepczynski both commented: “In Schroders, the Board has found an excellent new home for IBT. We’re pleased to be able to continue our focus on managing the Company’s portfolio and delivering value for shareholders. We look forward to IBT benefiting from integration into an investment management business which is well-resourced in many key areas.”
These appointments are subject to the completion of legal documents and regulatory approval.
IBT is expected to transition to Schroders in November 2023, following the release of the company’s annual results for the fiscal year ending August 31, 2023.