Spain’s Renta 4 and the other shareholders of W4i Investment Funds, such as top fund manager Firmino Morgado, have reached an agreement to end their participation in the shareholder structure of the asset manager, the firm said in a statement.
In turn, the three funds managed so far by Morgado and Filipe Bergaña will merge with existing products of the asset management arm of Renta 4.
Morgado has been grateful to Renta 4 for its support in launching W4i, and has noted that the funds have achieved “excellent returns, highlighting the merits of management with a concentrated portfolio based on fundamental analysis and having the interests of managers and investors aligned”.
For its part, the president of Renta 4, Juan Carlos Ureta, has indicated that the products of W4i added value to their investors, supporting “high quality active management” in a period of rapid growth of passive management within the industry.
Renta 4 Banco and Morgado, a former manager at Fidelity, launched W4i, an initiative dedicated to the management of financial assets, in January 2015.