Asset Value Investors has selected Phoenix Fund Services for fund administration services on its newly launched Focused European Value Fund, domiciled in the Cayman Islands.
The announcement strengthens a long standing relationship between the two parties. AVI is an asset management company set up in 1985 to manage money for British Empire Securities & General Trust plc (“British Empire”). It currently has assets under management in excess of $2 billion. Phoenix was initially appointed to administer British Empire in 2003, and following a successful working relationship, was later appointed to run AVI’s middle office operations.
“Given the current climate around the industry, the relationship between a fund and its administrator has taken on a new importance,” says Gavin Gray, managing director of Phoenix Fund Services’ offshore operations.
Gray added that this new mandate will give Phoenix the chance to profit in its front, back and middle offices.
“Phoenix has provided the back office processing and fund accounting for our funds for a number of ears, with hugely impressive results,” says Kimberly Lau, AVI business development director. “We are confident they will bring this level of performance to the administration of this fund. We hope this is a partnership that will continue to strengthen as it grows.”