Pacific Asset Management will become the “strategic institutional partner” to Asset Value Investors, according to an announcement on the London Stock Exchange today (4 August 2026).
The arrangement will see Pacific Asset Management, which is owned by Australian multi-boutique firm Pinnacle Investment Management, purchase 100% of AVI’s share capital.
However, the firm will continue to operate independently under its own brand. The investment approach to its four open-ended funds and three investment trusts will remain unchanged.
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CEO, CIO and fund manager Joe Bauernfreund, who joined AVI in 2002, will remain in his current role, as well as sole manager of AVI Global Trust (AGT) and AVI Japan Opportunity Trust (AJOT). He will retain responsibility for all investment decisions across AVI’s strategies. The company’s London offices will remain at Cavendish Square.
The acquisition will also see Pacific Asset Management purchase Goodhart Partners’ 25% stake in the business. Goodhart is the investment manager of AVI’s Global Opportunities Trust (GOT).
Commenting on the partnership, AVI’s Bauernfreund, said: “This is an exciting next chapter for AVI. Pacific’s support will enable us to focus even more intently on what we do best, which is delivering differentiated investment outcomes for our clients, allowing us to grow the business while preserving our unique investment approach and the close relationships we have built with clients over many years.”
Matthew Lamb, CEO of Pacific Asset Management, said he has “long admired what Joe and his team have achieved at AVI”.
“Combining AVI’s investment capability with Pacific’s operating platform means Joe and his team can focus on generating alpha for clients, without the distractions that come from non-investment functions and managing a growing business,” he explained. “We believe this model of supported independence is the optimal environment for exceptional investment talent.”
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Ian Macoun, managing director of Pinnacle Investment Management, added:”AVI is a genuine market leader with a distinctive approach, a highly experienced investment team, and a proven long-term track record.
“We are very confident the combination of AVI and Pacific will deliver the alignment and focus clients demand, and ultimately bring AVI’s capabilities to many more investors around the world.”
Discussing what this acquisition could mean for investors, QuotedData’s head of investment companies research, James Carthew, said: “It is hard for boutiques, even those as successful as AVI, to scale but this deal could unlock the next phase of growth for the business. Investors in AVI’s trusts should take greatest comfort from the news that the existing teams and investment approaches will not be affected.”
