Joe Bauernfreund is to succeed John Pennink as lead portfolio manager of the £604m British Empire Securities and General Trust (BEST).
Bauernfreund (pictured) has been co-manager of the trust for the last two years, and a member of its investment team at Asset Value Investors (AVI) for the past eight. He will take on full leadership of the trust from 1 October, when he will also assume Pennink's role as chief investment officer of AVI. Pennink will continue as chief executive of AVI and will also be involved in BEST's investment process. The change in the trust's leadership is only the third in its 30-year history. As chief investment officer, Bauernfreund's role will be to lead AVI's global equity team, which has...
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