View the article online at http://citywire.co.uk/money/article/a888585
Scottish Mortgage takes biotech professor on board
Scottish Mortgage investment trust appoints Professor Patrick Maxwell of University of Cambridge to strengthen its understanding of genomics.
Scottish Mortgage (SMT ) investment trust has appointed Cambridge University professor Patrick Maxwell, an eminent biotech expert, as a non-executive director to deepen its understanding of medical science.
Maxwell, who heads the university’s School of Clinical Medicine, holds a Wellcome Trust senior investigator award for his research on oxygen sensing and sits on a number of medical research organisations’ boards.
He was elected a fellow of the Academy of Medical Sciences in 2005 and chairs the Medical Research Council's molecular and cellular medicine board. He is currently a director of the Global Medical Excellence Cluster (Gmec) and a member of the boards of Cambridge University Health Partners (CUHP) and Cambridge University Hospitals NHS Foundation Trust.
Maxwell will take up his position on 1 April. The trust's chairman, John Scott, said: ‘Professor Maxwell's deep knowledge in many fields of medical science will be of great value to Scottish Mortgage, particularly at a time when the developing field of genomics is of increasing importance to investors.
‘The board very much looks forward to working with Patrick and I have no doubt that he will make a significant contribution to the future of Scottish Mortgage.’
The £3.2 billion trust, which is managed by James Anderson (pictured) and Tom Slater, has the second best long-term record of any global investment trust, with a total shareholder return of 159% over ten years compared to the 60% from the UK's FTSE All Share index.
That performance has been achieved with a portfolio focused on companies exploiting long-term technological and scientific change. Alongside a string of internet stocks, it also invests in biotech and medical science business, the largest of which is Illumina (ILMN.N), the US manufacturer of low-cost gene sequencing equipment, which accounts for 7.6% of the fund.
More recent performance has suffered as investors have shied from high growth investing in response to fears of a global slowdown. The shares have fallen 12% since the start of the year, the most of any global fund, and trade at a small discount of nearly 3% below net asset value, having stood at a 7.5% premium a few months ago.
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by Gavin Lumsden on Sep 30, 2016 at 17:23