In the City of London’s investment trust business, dog eats dog. Thus it is that Daniel Loeb, “activist” investor who shakes up torpid corporate managements, found himself under attack from another activist.⁣ ⁣ Following a shareholder vote on August 14, Loeb pulled off a contentious merger of his London-listed trust with an offshore insurance company that he also controls. But he does not emerge from the fight unscathed. He had to cough up more cash to dissident shareholders than he wanted to.⁣ ⁣ Leader of the dissidents: Joe Bauernfreund, a soft-spoken British #money manager who has a curious specialty. He tracks #billionaires, or rather, their holding companies. His vehicle is AVI Global Trust, a $1.6 billion U.K. #investment company. This venerable closed-end (inception date: 1889) was created to speculate in Africa’s diamond-rich Transvaal region but in recent dec­ades has redefined itself as a value player⁣ ⁣ Keep reading at the link in our bio. ⁣ (Photo: Sebastian Nevols for Forb...