Asset Value Investors sold to Pinnacle's Pacific Asset Management
AVI Global Trust PLC, AVI Japan Opportunity Trust PLC and Migo Opportunities Trust PLC on Tuesday announced the sale of Asset Value Investors Ltd to Pacific Asset Management, a London-based asset manager and part of the Pinnacle Investment Management group.
Asset Value Investors is the companies' alternative investment fund manager and investment manager.
London-based investment manager AVI Global said Pacific and AVI have confirmed to its board that the deal will not involve any change to the AIFM that manages AVI Global's investment portfolio, or to the investment team, philosophy or process. AVI Global's investment objective and policy will also not change.
AVI will retain its brand and operate as an independent boutique within Pacific, AVI Global added.
London-based Japanese equities investor AVI Japan and Migo Opportunities, a London-based investor with global and Japan-specific portfolios, confirmed that AVI has given them the same assurances. They also noted that as part of the transaction, Pacific will acquire the roughly 25% stake owned by Goodhart Partners.
"AVI has managed the company with a consistent and disciplined approach to investment for over forty years," AVI Global Chair Graham Kitchen says. "Representatives of the board have met members of the senior management team at Pacific and been reassured that our investment management team will be unchanged and will continue to manage our shareholders' assets independently, while benefiting from the support of a larger organisation. We look forward to a long and supportive relationship with Pacific."
AVI Japan Chair Norman Crighton, meanwhile, commented: "AVI believes that Pacific's additional distribution, technology and operational capabilities will support AJOT's continued growth and enable AVI's proven investment team, led by [AVI Chief Executive Officer & Chief Investment Officer] Joe Bauernfreund, to take even greater advantage of the evolving opportunity set in Japan's overlooked, undervalued small-cap companies and deliver strong returns to shareholders."
And Migo Chair Richard Davidson said: "The board is confident that Pacific's scale and capabilities will further support Migo's long-term growth and enable its management team...to continue delivering strong returns for shareholders."
AVI Global shares were up 1.6% at 264.14 pence on Tuesday in London. AVI Japan shares rose 1.8% to 168.00p, and Migo shares rose 0.7% to 412.00p each.
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