Finsbury Worldwide Pharmaceutical Trust is to become the Worldwide Healthcare Trust as the closed-ended fund changes its investment policy.

At its AGM on 15 July 2010, shareholders approved the fund’s name change to the in a move to more accurately describe the Trust’s broadened investment policy.

The fund’s former policy was to invest in pharmaceutical, biotechnology and related companies in the healthcare sector.

Now the definition of the healthcare sector has been enlarged to include companies in healthcare equipment, technology and services, areas where investment manager, OrbiMed Capital, believes the Trust’s performance can be enhanced.

The fund’s benchmark is also changing to the MSCI World Healthcare Index from the Datastream World Pharma & Biotech Index (both measured in sterling terms on a total return basis).

Directors of the fund claim the new benchmark better reflects the trust’s portfolio and thus provides a more appropriate measure of performance.

A £1,000 investment in the fund would have grown to £1,764 in the ten years to June 2010, according to figures from Trustnet.