Cobas Asset Management, the boutique of the renowned Spanish fund manager Francisco García Paramés, has received authorisation for its launch from the market regulator CNMV.
The CNMV issued the authorisation on 30 December that will allow Cobas AM to be fully operational with five mutual funds in February this year.
The Spanish boutique announced that the fund Cobas Seleccion FI, previously launched by Banca March-owned Inversis Gestión, will be definitively integrated into Cobas AM throughout the first quarter of the year, once the required procedures to allow a change of management have been completed.
The fund, which begun trading from 2 November, follows a value-investing style, with more than 80% of its assets invested in equities, mainly international stocks but also, to some extend, Spanish and Portuguese companies.
Two years after his abrupt departure from asset manager Bestinver, Paramés non-compete clause expired in September last year and the fund manager, also known as Spain’s Warren Buffett, decided to start a new investment venture based on his philosophy of value investing.