MIGO Opportunities Trust has appointed Asset Value Investors Limited (AVI) to become its AIFM and investment manager. It will continue to implement MIGO’s existing investment objective and policy. The decision follows detailed shareholder engagement and a rigorous selection process, as part of the board’s manager review announced in March.
AVI is an experienced manager of investment trusts, having run the £1.1bn AVI Global Trust (AGT) since AVI was set up in 1985, and £186m AVI Japan Opportunity Trust (AJOT) since its launch in October 2018. The board expects MIGO to benefit from AVI’s deep sector expertise and supportive analyst resource as well as its distribution and marketing channels. Over the past five years, AVI has added significant resource to its investment research team; this depth of knowledge will be available to support MIGO’s portfolio managers.
AVI’s appointment remains subject to regulatory approval and is expected to commence in Q4 2023. The term of the investment management agreement with Premier Miton Investors (“PMI”) has been extended to accommodate this transition date. The board would like to thank PMI for its cooperation in this transition.
The board is particularly pleased that, alongside MIGO’s appointment of AVI, AVI has committed to hiring additional, specialist investment management resource with experience of managing a portfolio such as MIGO’s. This recruitment has started with Charlotte Cuthbertson, a former co-portfolio manager of MIGO, who joined AVI earlier in July. AVI has also informed the board that it expects to be able to announce a further senior level appointment with relevant experience, to work alongside Charlotte, in the coming months.
The board has been mindful of shareholders’ views expressed during the consultation exercise and looks forward to sharing full details of the AVI appointment once regulatory approvals have been received. As previously announced, PMI will continue to manage the MIGO portfolio, until MIGO transitions to AVI.
There will be no change to MIGO’s robust discount management policy or fee structure. The company will continue to retain Frostrow Capital as company secretary and administrator and Frostrow will also continue to provide investor relations and marketing services.
[With Charlotte on board there is an obvious name in the frame for the “further senior level appointment”. We hope to see Nick Greenwood installed at AVI in due course.]
MIGO : AVI wins mandate to run MIGO Opportunities