Treasure hunting from Andorra
Continuing the review of winners of the InvestmentEurope Personality of the Year Awards 2015/16, our Iberia correspondent has caught up with Daniel Aymerich Biota at Andbank Asset Management, and winner in Iberia.
Versatility in asset management experience is cited as a key factor in Daniel Aymerich Biota being recognised by peers across Iberia.
After earning a degree from NYU’s Stern School of Business, Aymerich Biota went to work at the LATAM Equity Institutional Sales Desk at Credit Suisse First Boston in New York, switching to the buy side thereafter to work as an analyst at a hedge fund.
Back in Spain, he was one of the founding partners of the first Saxo Bank Introducing Broker in the country; later on he became an analyst and a portfolio manager at Inversis Banco in Madrid, remaining there for eight years before joining Andbank in April 2014.
In his latest role, Aymerich Biota combines fund selection activities with portfolio asset management for the bank’s funds, while adding his expertise in alternatives.
He leads Andbank’s fund selector team, which is in charge of creating a list of recommended funds for clients and asset managers at the bank and within the asset management unit.
By combining quantitative research with qualitative, the team can reach “a more informed decision,” Aymerich Biota says.
Quantitative research allows fund selectors to know “part of the story” – the development of funds within a particular amount of time. But qualitative analysis explains the reasons behind this development.
Also, regular meetings with asset managers involve flows of information which serve “as a thermometer” to understand market developments.
“This way you can chose the ideal fund for the right time,” he says.
Aymerich Biota has always thought he was more of a qualitative asset manager than quantitative.
“Eventually, I realised that I am more quantitative than qualitative. When I lived in Madrid I was closer to the asset managers and I was more influenced by their view, but moving to Andorra has allowed me to step back and see things with more perspective – sometimes managers bring ideas and they are necessary, sometimes I have ideas and we work together on them.”
Aymerich Biota says he tends to select funds with AUM over €100m, although he is flexible on the size and track record and highlights the due diligence process to determine the fund’s suitability.
“A fund may have little track record, but if it has a manager with proven credentials, I don’t rule out the fund in the selection process,” he says.
Andbank offers a wide range of funds to retail investors through an open architecture model. In the future, it will continue offering funds via fund platforms, but the bank will gradually implement a guided architecture, where clients are advised on funds’ suitability.
“Partly due to business conditions and partly to regulation, we will increase gradually our advisory for funds. Our client is free to buy any fund, but it is true that such advice should be noted. We are private banking, after all this is our goal,” Aymerich Biota says.
Andbank is the product of the 2001 merger between Banc Agrícol and Banca Reig. The bank is present in 13 countries across three continents and it holds €23bn in AUM.
This article was first published in the September issue of InvestmentEurope, that can be downloaded for free on www.investmenteurope.net.