Paramés unveils further details of own boutique

Top fund manager Francisco García Paramés has unveiled further details of the investment boutique he is launching, after the presentation of his new book ‘Investing in the long term’ (Invirtiendo a largo plazo, in Spanish), which took place yesterday.

The renowned investor, known as Spain’s Warren Buffett, told local media his new asset manager will be based in Spain and will have no more than ten team members, local newspaper Expansion reported.

Paramés said he will manage a Spanish equity fund and a global fund with a special focus in Europe, and, later on, pension plans will be offered.

According to El Economista, the new boutique of Paramés will have just a few products, “four or five”, all with an offshore version domiciled in Luxembourg.

The funds won’t be closed to subscriptions from retail investors as they will be “more accessible than before” he said, referring to his previous period at Bestinver, the asset management arm of Acciona. Paramés departed abruptly from Bestinver in September 2014 and his two-year non-compete clause has now expired.

While Paramés awaits approval from the Spanish regulator CNMV to open the boutique, he will provide advice for an equity fund as a prelude to his new project. It will be an equity fund which will eventually be included in the new asset manager.

Paramés will apply his value investing style, which allowed him to deliver returns doubling the 7.8% annual increase in the Madrid stock market since 1993.

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