British Empire Securities and General Trust has announced that Joe Bauernfreund will become its named portfolio manager from 1 October 2015. This is a low turnover position (the trust has had just three portfolio managers in the last 30 years). Jo has been with the trust’s managers (Asset Value Investors) since 2002 and has worked closely with the outgoing lead manager, John Pennink, for the past 8 years. The company says that, over the past two years, Joe has taken on increasing responsibility for the portfolio’s composition as co-manager alongside John Pennink. Joe will succeed John Pennink as Chief Investment Officer at Asset Value Investors. John Pennink continues as CEO of Asset Value Investors and will continue to be involved in the investment process. During his tenure, he has provided an annual return in the region of 11% per annum.
British Empire Securities names Joe Bauernfreund as lead manager : BTEM