British Empire Securities and General Trust has appointed a new manager in Joe Bauernfreund, with former manager John Pennink retiring after 13 years at the helm.
Bauernfreund will become the named portfolio manager on the trust, which had £730m in assets at the end of August. He has worked alongside Pennink on the trust for the past eight years.
As part of the move, Bauernfreund will also become CIO at Asset Value Investors – the trust’s investment managers.
“The board would like to thank John Pennink for his impressive contribution of an average annual return of nearly 11 per cent per annum to BEST’s investment portfolio,” says Strone Macpherson, chairman of British Empire Securities and General Trust.
Macpherson added that the investment strategy on the trust will not change, using a bottom-up approach to find undervalued companies that will grow with a long-term outlook. Pennink will continue to assist Bauernfreund on the trust, but will step down as lead manager from 1st October.
Also, Asset Value Investors announced that asset management firm Goodhart Partners has taken a minority stake in the firm in a bid to help its growth.