Top fund manager Francisco García Paramés, known as Spain’s Warren Buffett, has decided to set up his own boutique, according to local media.
Two years after his departure from asset manager Bestinver, Paramés non-compete clause has expired and the successful manager will start a new investment venture.
Paramés was 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.
But Paramés is eventually setting up his own fund management firm based on his philosophy of value investing, he said in a statement to media.
On 4 October, during the presentation of his book ‘Investing in the long term’ (Invirtiendo a largo plazo, in Spanish), Paramés will provide more details about the creation of his asset management firm.
Paramés departed abruptly from Bestinver 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.
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.