Top Spanish fund manager will return to industry in September
Francisco García Paramés, known as Spain’s Warren Buffett, will return to the fund industry in September, Spanish media have reported.
The top fund manager is thought to be the next addition of Madrid based azValor, an asset manager founded last year by former team members of Bestinver, the asset management arm of Acciona.
García Paramés also worked for Bestinver previously, but he departed abruptly in September 2014 to start a new project and set up a new fund, media reported at the time.
The fund manager spent 25 years at Madrid based Bestinver where he managed above €7.5bn in Spanish and international stocks, with returns doubling the 7.8% annual increase in the Madrid stock market since 1993.
In 1997, Garcia Paramés also began managing the fund Bestinver Internacional, which saw an average annual return of 10.58% compared with 2.9% obtained by the MSCI index. Thus, the fund’s accumulated return from 1998 to 2014 reached 437.5% compared to 61.20% obtained by MSCI.
After Paramés departure, Bestinver saw large fund outflows, and the firm’s assets under management dropped by 30% or $2.5bn ($2.2bn), according to data from Lipper.
His return to the investment world coincides with the publication of his first book Investing in the long term (Invirtiendo a largo plazo, in Spanish), Roger Domingo, the editorial director of the publishing firm Deusto announced on his Twitter account.