Asset Value Investors (AVI) has appointed Premier Miton’s Nick Greenwood as portfolio manager to continue running the MIGO Opportunities trust.
Greenwood will also continue to co-manage the £43m Worldwide Opportunities fund, which is set to transfer from Premier Miton to AVI. He has run the fund since its inception in 2003.
He will join the firm on 18 December, the same date that AVI will take up the investment adviser role for MIGO.
Greenwood began his career as a stockbroker in 1979 at Milton Mortimer & Co but has spent the past over 20 years at Premier Miton. He has run the MIGO fund since it was established in 2004.
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“I am delighted to be joining the team at AVI, whom I have known for many years. The firm’s pioneering investment philosophy, which is strongly aligned with my own is a great fit for both MIGO and AWO,” Greenwood said.
The MIGO fund’s transfer will reunite partners Greenwood and Charlotte Cuthbertson in managing the fund. Cuthbertson joined the AVI team in July, but previously managed the MIGO fund.
“Joining AVI to manage MIGO with Charlotte is the best of all worlds and I’m excited about what this means for MIGO’s future. The widening of investment company discounts this year has been a golden opportunity for our investment process.” Greenwood said.
“While the volatile conditions of the summer have calmed a little, there are some outstanding trusts for sale at once-in-a-generation discounts, and we have ensured MIGO’s portfolio is well positioned to benefit from the market conditions. At AVI, Charlotte and I will do what we’ve always done for MIGO – finding trusts which trade at a discount, where wider sector sentiment is improving, and there are clear catalysts to deliver value.”
MIGO served its six-month notice to Premier Miton after learning that Greenwood would be leaving the company in March and settled on AVI as their new asset manager in July. Currently, AVI manages AVI Global trust, worth £1.2 bn, and AVI Japan Opportunities Trust, worth £168 m.
Richard Davidson, chair of MIGO Opportunities trust, said: “Nick has been instrumental to MIGO’s portfolio management and investor engagement ever since MIGO launched in 2004.
“Our shareholders’ feedback has made clear that investors see him as a clear driver of MIGO’s success, so we’re very pleased that he has agreed with AVI to maintain this longstanding role. We’re also very happy that Charlotte can continue to work with Nick as MIGO builds on its success and takes its investment case to new shareholders.”
