Transvaal Mortgage Loan and Finance Company (1889–1906) British Empire Land Mortgage and Loan Company (1906–1964) British Empire Securities and General Trust Limited (1964–2015) British Empire Trust (2015–2019)
The company was established in 1889 as the Transvaal Mortgage Loan and Finance Company,[4] led by chairman W.J. Thompson,[5] and invested in what is now South Africa.[4]
It was renamed the British Empire Land Mortgage and Loan Company in 1906, and British Empire Securities and General Trust in 1964.[6]
Asset Value Investors, an employee-owned management company, was established to manage the firm, then valued at £6 million, in 1985.[7]
The company's goal of acquiring other companies trading below their Net Asset Value led it to attempt takeovers of other investment trusts trading at a discount.[4] In 1986, the company acquired Ashdown Investment Trust for £66 million.[8] In 1989, it mounted a hostile takeover bid for Schroder Global Trust: it had been building up a stake in the target company over a two-year period.[9] In 1995, it acquired the Selective Assets Trust (formerly the Edinburgh Assets Trust)[10] for £42 million.[8]
It simplified its name from British Empire Securities and General Trust to British Empire Trust in 2015.[6]
In 2016, the activist US hedge fund, Elliott Management Corporation, built up a large stake in the company.[11][12][13][14] The investment was seen as one of Elliott's successful investment positions in the UK.[15]
It changed its name from British Empire Trust to AVI Global Trust in May 2019.[16][17]
Between 2019 and 2020, the company invested heavily in SoftBank Group and other Japanese stocks.[18] The company's strategy has been to take advantage of Softbank's share buyback programme.[19][20] This has supported the company's market capitalisation on the London Stock Exchange which was £751 million in July 2020.[21] It has also built up a significant holding in Pershing Square Holdings, a hedge fund.[22]
ESG Investingedit
AVI became signatories of the Principles for Responsible Investment (PRI) in April 2021.[23]
Referencesedit
^"Overview". AVI Global Trust. Retrieved 12 February 2024.
^. FTSE Russell. Archived from the original on 8 August 2020. Retrieved 7 August 2020.
^"AVI Global Trust appoints Graham Kitchen as chair". Morning Star. 8 November 2022. Retrieved 15 March 2023.
^ abcCostello, Miles (27 March 2019). "British Empire Trust". The Times. p. 50. - via ProQuest.
^Goldmann, Charles Sydney (1896). South American Mines; Their Position, Results, & Developments: Together with an Account of Diamond, Land, Finance, and Kindred Concerns: Volume 2. Effingham Wilson & Co. p. 156. Retrieved 7 August 2020.
^ abNewlands, John (2016). The History of British Empire Trust(PDF). AVI Investment Management. p. 4. Retrieved 7 August 2020.
^"Asset Value Investors - AVI". Asset Value Investors.
global, trust, london, based, british, investment, trust, company, constituent, ftse, index, chairman, graham, kitchen, formerlytransvaal, mortgage, loan, finance, company, 1889, 1906, british, empire, land, mortgage, loan, company, 1906, 1964, british, empire. AVI Global Trust is a London based British investment trust The company is a constituent of the FTSE 250 Index 2 The chairman is Graham Kitchen 3 AVI Global TrustFormerlyTransvaal Mortgage Loan and Finance Company 1889 1906 British Empire Land Mortgage and Loan Company 1906 1964 British Empire Securities and General Trust Limited 1964 2015 British Empire Trust 2015 2019 Company typePublic companyTraded asLSE AGTFTSE 250 componentIndustryInvestment ManagementFounded6 February 1889 135 years ago 1889 02 06 in London UKHeadquartersLondon United KingdomArea servedWorldwideKey peopleGraham Kitchen Chairman Joe Bauernfreund Investment Manager AUMGBP 1 1 Billion January 2024 1 WebsiteOfficial website Contents 1 History 2 ESG Investing 3 References 4 Further reading 5 External linksHistory editThe company was established in 1889 as the Transvaal Mortgage Loan and Finance Company 4 led by chairman W J Thompson 5 and invested in what is now South Africa 4 It was renamed the British Empire Land Mortgage and Loan Company in 1906 and British Empire Securities and General Trust in 1964 6 Asset Value Investors an employee owned management company was established to manage the firm then valued at 6 million in 1985 7 The company s goal of acquiring other companies trading below their Net Asset Value led it to attempt takeovers of other investment trusts trading at a discount 4 In 1986 the company acquired Ashdown Investment Trust for 66 million 8 In 1989 it mounted a hostile takeover bid for Schroder Global Trust it had been building up a stake in the target company over a two year period 9 In 1995 it acquired the Selective Assets Trust formerly the Edinburgh Assets Trust 10 for 42 million 8 It simplified its name from British Empire Securities and General Trust to British Empire Trust in 2015 6 In 2016 the activist US hedge fund Elliott Management Corporation built up a large stake in the company 11 12 13 14 The investment was seen as one of Elliott s successful investment positions in the UK 15 It changed its name from British Empire Trust to AVI Global Trust in May 2019 16 17 Between 2019 and 2020 the company invested heavily in SoftBank Group and other Japanese stocks 18 The company s strategy has been to take advantage of Softbank s share buyback programme 19 20 This has supported the company s market capitalisation on the London Stock Exchange which was 751 million in July 2020 21 It has also built up a significant holding in Pershing Square Holdings a hedge fund 22 ESG Investing editAVI became signatories of the Principles for Responsible Investment PRI in April 2021 23 References edit Overview AVI Global Trust Retrieved 12 February 2024 FTSE 250 FTSE Russell Archived from the original on 8 August 2020 Retrieved 7 August 2020 AVI Global Trust appoints Graham Kitchen as chair Morning Star 8 November 2022 Retrieved 15 March 2023 a b c Costello Miles 27 March 2019 British Empire Trust The Times p 50 via ProQuest Goldmann Charles Sydney 1896 South American Mines Their Position Results amp Developments Together with an Account of Diamond Land Finance and Kindred Concerns Volume 2 Effingham Wilson amp Co p 156 Retrieved 7 August 2020 a b Newlands John 2016 The History of British Empire Trust PDF AVI Investment Management p 4 Retrieved 7 August 2020 Asset Value Investors AVI Asset Value Investors a b History Schroder and British Empire set to lock horns in bid battle Glasgow Herald 4 February 1989 Edinburgh Assets Trust Oldest Scottish Companies Dakers Marion 30 June 2016 Hedge fund Elliott builds stake in British Empire Trust The Telegraph Retrieved 7 August 2020 Elliott Advisors builds 5 stake in British Empire trust Investment Week 1 July 2016 Retrieved 7 August 2020 Elliott Advisors takes stake in British Empire Trust Ft Advisor 1 July 2016 Retrieved 7 August 2020 In the papers Hershey Lloyds Banking Group Bank of England Proactive Investors July 2016 Retrieved 7 August 2020 Activist hedge fund Elliott scores successes in UK Financial times 19 August 2016 Retrieved 7 August 2020 Name Change Shares Magazine 13 June 2019 Retrieved 7 August 2020 Goodbye British Empire as old trust investor changes name Citywire 24 May 2019 Retrieved 11 June 2019 AVI rides SoftBank surge as Japan activism becomes its big bet Investment Trust Advisor 16 July 2020 Retrieved 7 August 2020 SoftBank shares attractive near term as buyback eyed UK s AVI Nasdaq 21 April 2020 Retrieved 7 August 2020 AVI rides SoftBank surge as Japan activism becomes its big bet Citywire 16 July 2020 Retrieved 7 August 2020 Numis adds Scottish Mortgage to recommended list Investment Week 27 July 2020 Retrieved 7 August 2020 Buying opportunity for AVI Global Master Investor 28 July 2020 Retrieved 7 August 2020 ESG Policy PDF Asset Value Investors com Retrieved 25 October 2023 Further reading editNewlands John 2023 The History of the British Empire Trust PDF CKD External links editOfficial website Documents and clippings about AVI Global Trust in the 20th Century Press Archives of the ZBW Retrieved from https en wikipedia org w index php title AVI Global Trust amp oldid 1206570487, wikipedia, wiki, book, books, library,
