MIGO Opportunities appoints AVI as former co-manager Cuthbertson takes the reins again
Joe Bauernfreund (pictured) is the CEO and CIO of Asset Value Investors.
MIGO will maintain its existing investment objective and policy and there will be no change to its discount management policy or fee structure.
The move comes after former manager Nick Greenwood, of Premier Miton, resigned from the company as well as the investment trust earlier this year.
This triggered the board of MIGO to serve Premier Miton with a six months' protective notice on its investment management agreement.
AVI was chosen to take over following detailed shareholder engagement and a rigorous selection process, as part of the manager review announced in March.
Nick Greenwood resigns from Premier Miton
Chair of the board, Richard Davidson, said following a number of expressions of interest and [the board's] detailed review, it was clear that AVI is the right choice for managing MIGO.
«At a time when investment company discounts are wider than they have been for a generation, the opportunities for MIGO are particularly exciting and we look forward to seeing MIGO going from strength to strength at its new home,» he added.
AVI is an experienced manager of investment trusts, having run the £1.1bn AVI Global Trust since AVI was set up in 1985, and £186m AVI Japan Opportunity Trust since its launch in October 2018.
The board said it expects MIGO to benefit from AVI's deep sector expertise and supportive analyst resource as well as its distribution and marketing channels.
Regulatory approval is still being sought for the move and managerial responsibilities are expected to commence in Q4 2023. The term of the investment management agreement with Premier Miton has been extended to accommodate this transition date.
Meanwhile, AVI has also
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