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Asset Value Investors sells up to Pacific Asset Management to expand its global reach

Companies

Asset Value Investors, the investment trust manager and activist investor, has sold its business to Pacific Asset Management.

Joe Bauernfreund, chief executive and lead manager of AVI Global (AGT) and AVI Japan Opportunity (AJOT), said London-based PAM, which manages £18.4bn, would provide a platform for AVI’s growth.

Established 41 years ago, AVI has £2.1bn of assets under management, having evolved from a single-strategy manager built around its £1.3bn AGT flagship to a multi-strategy boutique that now encompasses a range of open-ended funds.

“As we’ve looked ahead, we’ve been focused on how best to support the next stage of that journey while preserving the independence, investment discipline and culture that define our business,’ said Bauernfreund.

“Pacific gives us exactly that,” he said, with a broader distribution platform that should enable AVI to access more family offices, wealth managers, consultants and institutional investors around the world.

Pacific, which was founded in 2016, will buy all of AVI’s shares, including the 25% stake held by Goodhart Partners, manager of Global Opportunities Trust (GOT). Terms were not disclosed.

Matthew Lamb, Pacific chief executive, said: “AVI is exactly the type of specialist investment business Pacific was created to support. It has an experienced investment team, a distinctive investment philosophy and an outstanding reputation in investment trusts and value investing.”

AVI said there would be no change to its brand, location in Cavendish Square, London, the investment team or its funds and investment trusts, which also include MIGO Opportunities (MIGO).

Our view

QuotedData’s head of investment companies research, James Carthew, said: “It is hard for boutiques, even those as successful as AVI, to scale but this deal could unlock the next phase of growth for the business. Investors in AVI’s trusts should take greatest comfort from the news that the existing teams and investment approaches will not be affected.”

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Written By Gavin Lumsden

Head of News

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