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British Empire IT - Downgraded
Joe Bauernfreund has become lead manager of British Empire Securities from 1 October, taking over from John Pennink who has been manager since 2002. Bauernfreund joined British Empire’s manager, Asset Value Investors (AVI), in 2002 and has been a member of the investment team for the past eight years, including being co-manager for the last two years. John Pennink continues as CEO of Asset Value Investors (AVI) and will continue to be involved in the investment process.
In addition, AVI has announced a strategic relationship with Goodhart Partners which will acquire a minority interest in AVI (subject to regulatory approval). Goodhart will provide resources to support the growth of AVI. Goodhart is a London based independent “multi-boutique” investment manager with a range of strategies, either managed in-house or in partnership with affiliated boutiques.
In view of these changes we are reducing the trust’s rating from three to two stars.
This should be viewed as a suspension, and should not be construed as a switch instruction at the current time as we do not expect the change in manager to have a significant impact on the management approach which seeks to exploit value opportunities in investment companies, holding companies and property.