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.
News sponsored by:
After Boris announced he was backing Brexit, sterling suffered its biggest slump in six years. Our Market Mavens discuss. Follow the Market Mavens LinkedIn page for weekly videos, in which our panel of industry experts share their views on financial news
More about this:
Look up the investment trusts
Look up the fund managers
Tools from Citywire Money
From the ForumsForums are temporarily down for maintenance.
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add firstname.lastname@example.org to your safe senders list so we don't get junked.
by Gavin Lumsden on Jul 22, 2016 at 16:24