Disclaimer

The website is directed only at Professional Clients in the UK. The website is issued by Asset Value Investors Limited (“AVI”), in respect of British Empire Trust plc (“British Empire”). AVI is authorised and regulated by the UK Financial Conduct Authority (“FCA”). British Empire is a public company listed and traded on the London Stock Exchange.

You agree that we may contact you about our products and services that we believe you might be interested in.

The price of the Shares will be determined by supply and demand in the market as well as NAV per Share. The market price of the Shares is therefore likely to fluctuate and may represent either a premium or discount to NAV per Share.

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Meet the Managers

Asset Value Investors (“AVI”) was established in 1985 to manage the assets of British Empire Trust plc (British Empire), then a £6 million London listed investment company.

A group of UK institutional and private US investors supported a 4 for 1 rights offering to enlarge British Empire to £30 million.

British Empire is managed by AVI’s CIO, Joe Bauernfreund.

CEO & CIO

Joe Bauernfreund

BSc, MSc

As of 1 October 2015, Joe Bauernfreund is the named portfolio manager of the British Empire Trust. He joined Asset Value Investors in July 2002 as an Investment Analyst, following completion of a Masters in Finance from the London Business School. At first, Joe worked closely with John Walton in focusing on the European Holding Companies. He then covered the entire portfolio and became joint manager with John Pennink.

Prior to joining Asset Value Investors, Joe worked six years for a real estate investment organisation in London.

Head of Research

Tom Treanor

BA (Economics), CFA

Tom joined AVI in February 2011. He works closely with the analyst team providing support and guidance on prospective and current investments across the portfolio, in addition to taking responsibility for all investments in closed-end funds.
Tom spent nine years working for Fundamental Data/Morningstar in various roles involving closed-end fund analysis. He has a degree in Economics from the University of Leicester.

Investment Analyst

Scott Beveridge

BSc (Actuarial Science), CFA

Scott joined AVI in October 2005. He researches real estate-backed opportunities and Asian holding companies.
Before joining AVI, Scott spent two years as an investment analyst with Fundamental Data undertaking quantitative analysis. He has a degree in Actuarial Science from the University of Kent, Canterbury.

Investment Analyst

Daniel Lee

BSc (Physics), CAIA

Daniel joined AVI in February 2015. He researches global holding companies and asset-backed special situations.
Before joining AVI, Daniel completed internships at Pamplona Capital Management and Mercer. He has passed all three levels of the CFA exam. He graduated with a First Class Honours in Physics from the University of Bristol.

Investment Analyst

Darren Gillen

BA (Accounting & Finance), CFA

Darren joined AVI in September 2016. He researches closed-end funds.
Before joining AVI, Darren spent three years working in Dublin as an investment analyst at GillenMarkets. He graduated with a First Class Honours degree in Accounting & Finance from Dublin City University.

Investment Analyst

Wilfrid Craigie

BSc (Social Policy)

Wilfrid joined AVI in January 2018.  He researches global holding companies and asset-backed special situations.

Before joining AVI, Wilfrid completed internships at Sanderson Asset Management, Guinness Asset Management and Oldfield Partners.  Wilfrid has a BSc in Social Policy from the London School of Economics.

Schedule of matters reserved for the board

British Empire Securities and General Trust p.l.c is referred to as ‘British Empire’ throughout the website. British Empire’s investment managers, Asset Value Investors are referred to as ‘AVI’

British Empire currently conducts its affairs so that its shares can be recommended by Independent Financial Advisers (“IFAs”) in the UK to ordinary retail investors in accordance with the Financial Conduct Authority (“FCA”) rules in relation to non-mainstream investment products and intends to continue to do so. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an authorised investment trust. © British Empire Trust plc. 2014 Registered in England No: 00028203. An investment company under Section 833 of the Companies Act 2006. Registered Office: Beaufort House, 51 New North Road, Exeter, EX4 4EP. Managed by Asset Value Investors Ltd. which is authorised and regulated by the Financial Conduct Authority. Past performance should not be seen as an indication of future performance. The price of investments and the income may fall as well as rise and investors may not get back the full amount invested. British Empire uses gearing techniques (leverage) which will exaggerate market movements both down and up which could mean sudden and large falls in market value. Please refer to the Key Features Document for further details of the risks affecting your investment. Performance figures are cumulative and based on Price total return and do not include Plan charges. For more information, please call 03458 500181. Tax treatment depends on the individual circumstances and may be subject to change in the future. Asset Value Investors Ltd do not offer Innovative Finance ISAs.