Merrill Lynch is running a biotech tracker based on 20 of the US and Europe's leading stocks in the ...
Merrill Lynch is running a biotech tracker based on 20 of the US and Europe's leading stocks in the sector.
The investment vehicle offers investors the chance to buy certificates whose value is re-adjusted using quantitative guidelines to reflect the performance of the Dynamic BioTech20 index every four months.
Among the businesses it follows are North American stocks Biogen and Human Genome Sciences, UK companies Celltech and Shire Pharmaceuticals Group, and Dutch company Qiagen.
Since the start of 1999 to 1 April 2000 the index has outperformed the Nasdaq Composite Index by about 23%.
Merrill Lynch spokesman Ingo Heinen said that in the UK, the Financial Services Authority has named the certificates "derivatives products," so instead of being allowed to advertise and sell the certificates broadly, Merrill Lynch is only offering them to its private clientele if they approach the broker themselves.
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