LONDON: Asset Value Investors (AVI), the London-based specialist value investment manager, has agreed to sell its entire share capital to Pacific Asset Management, the companies announced Tuesday.
The deal will give AVI access to Pacific’s technology, operations and global distribution network as the firm enters what executives called its next phase of growth. AVI said the transaction will not change its investment teams, philosophy, decision-making process or the management of its investment trusts and funds.
AVI will continue to operate under its own brand as an independent boutique, the company said. It will keep its offices at Cavendish Square in London, where it recently signed a new long-term lease, and will remain the alternative investment fund manager and investment manager for AVI Global Trust, AVI Japan Opportunity Trust and MIGO Opportunities Trust, along with its open-ended funds.
As part of the transaction, Pacific will also acquire the roughly 25% stake in AVI currently owned by Goodhart Partners.
AVI has grown over the past decade from a single-strategy manager into a multi-strategy boutique overseeing an expanding lineup of investment trusts and open-ended funds. The partnership is intended to support that growth while preserving the entrepreneurial culture that clients and boards value, the company said.
“AVI has grown considerably over recent years, evolving from a specialist investment manager into a multi-strategy boutique with an expanding range of trusts and funds,” said Joe Bauernfreund, chief executive officer and chief investment officer of AVI, in a statement. He said Pacific would provide “a significantly broader distribution platform, enhanced technology and deeper operational resources,” while AVI’s investment approach remains unchanged.
Bauernfreund said the deal should be viewed by the boards of AVI’s investment trusts, shareholders and clients as “an investment in AVI’s future,” adding that the firm remains fully committed to its investment trust business.
Matthew Lamb, chief executive officer of Pacific Asset Management, said AVI’s investment team, distinctive philosophy and reputation in value investing made it a strong fit for Pacific. He said Pacific’s role “is not to change AVI, but to provide the scale, technology, operational infrastructure and global distribution capabilities” needed for continued growth.
The transaction is subject to regulatory approval and other conditions and is expected to close in the second half of 2026.
AVI, founded in 1985, manages about £2.1 billion across its products, including the £1.3 billion AVI Global Trust, the £420 million AVI Japan Opportunity Trust and the £73 million MIGO Opportunities Trust, all listed on the London Stock Exchange’s main market. Figures are as of June 30, 2026.
Pacific Asset Management, founded in 2016 and headquartered in London, manages more than £18.4 billion in assets, according to the companies.
Richard Davidson, Chairman of MIGO Opportunities Trust plc, commented: “Under AVI’s management since 2023, MIGO has evolved its investment strategy and management team to ensure it is best positioned to capture the opportunities presented by an investment company sector in which activism has become a central feature. The Board is confident that Pacific’s scale and capabilities will further support MIGO’s long-term growth and enable its management team, led by Tom Treanor and Charlotte Cuthbertson, to continue delivering strong returns for shareholders.”
Graham Kitchen, Chairman of AVI Global Trust plc, commented: “AVI has managed the Company with a consistent and disciplined approach to investment for over forty years. 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.”
Norman Crighton, Chairman of AVI Japan Opportunity Trust plc, commented: “Since AJOT’s launch in 2018, AVI’s decades-long expertise in Japanese markets, disciplined investment approach and constructive style of engagement have produced outstanding long-term performance for shareholders. 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 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.”
