Asset Value Investors is an asset management company set up in 1985 to manage money for British Empire Securities & General Trust.

It currently has assets under management in excess of USD2bn.

Phoenix was initially appointed to administer British Empire in 2003 and was later appointed to run Asset Value Investors's middle office operations.

Gavin Gray, managing director of Phoenix Fund Services' offshore operations, says: 'Given the current climate around the industry, the relationship between a fund and its administrator has taken on a new importance. The appointment to run AVI's Focused European Value Fund further cements a longstanding working relationship spanning over five years. We have been able to develop a partnership with AVI and its own partner companies that adds value across the business throughout the front, middle and back office.'

Kimberly Lau, business development director of Asset Value Investors, says: 'Phoenix has provided the back office processing and fund accounting for our funds for a number of years, with hugely impressive results. 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.'