Pacific Asset Management Buys Activist Investor AVI

Pacific manages over £18.4 billion in assets and intends to provide the institutional backing, technology, and operational support necessary for AVI to scale. Despite the change in ownership, AVI will continue to manage its three London-listed investment trusts—the AVI Global Trust, AVI Japan Opportunity Trust, and MIGO Opportunities Trust—alongside its four open-ended funds without altering its core investment philosophy.

Joe Bauernfreund, who has led AVI since 2002, will remain focused on generating alpha for clients. According to Matthew Lamb, CEO of Pacific Asset Management, the arrangement is designed to strip away non-investment distractions, creating an environment of supported independence. Ian Macoun, managing director of Pinnacle Investment Management Group, noted that the partnership serves to accelerate global distribution and product innovation for the group. Financial terms of the acquisition were not disclosed.