TRANSACTION SUMMARY

On 30 September 2015, Asset Value Investors (AVI) announced a strategic partnership with Goodhart Partners (Goodhart). Under the terms of the agreement, Goodhart will provide AVI with resources to support its growth and will acquire a minority interest in AVI. It was also announced that Joe Bauernfreund will succeed John Pennink as Chief Investment Officer. The terms of the transaction were not disclosed.

ASSET VALUE INVESTORS

AVI was established in 1985 to manage the assets of listed investment company, British Empire Securities & General Trust plc (British Empire). In addition to British Empire, AVI manages a range of pooled funds and reported total AUM of £850m as at 31 August 2015. AVI manages global equity portfolios with a deeply fundamental and distinctly value-driven investment process. It focuses on proprietary and under-researched universe of companies with identifiable assets, investing when the discount to net asset value is attractive.

GOODHART PARTNERS

Founded in 2009, Goodhart is an asset management group with offices in London and Tokyo offering a range of differentiated investment strategies, managed in-house or in partnership with affiliated boutiques, which include Cartesian Capital Partners, Goodhart Japan and HMG Finance. Goodhart provides strategic resources spanning regulatory, platform, sales, client service, reporting and risk management. Goodhart’s mission is to be recognised for its commitment to investment excellence – to be a trusted partner for both sophisticated institutional investors and exceptional investment teams. Goodhart is an affiliate of Northern Lights Capital Group, a multi-boutique asset management group based in Seattle.

ROLE

SHP acted as financial adviser to AVI.