Spanish star fund manager Francisco García Paramés, known as Spain’s answer to Warren Buffett, has decided to set up his own boutique.
Two years after his departure from asset manager Bestinver, Paramés non-compete clause has expired and the popular fund manager will start a new investment venture, according to local media.
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 has ended speculation to reveal that he is setting up his own fund management firm based on his philosophy of value investing, according to a statement released to Spanish 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 with plans to start a new project and set up a new fund, media reported at the time.
The fund manager had spent 25 years at Madrid based Bestinver where he managed more than €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.