Cobas Asset Management has launched an asset management firm in the UK alongside its partner Peter Smith.
Cobas AM, through its parent company Santa Comba, is taking a majority stake in the new London-based manager Palm Harbour Capital, of which Peter Smith is also a founding partner.
Smith, who has been working with the Cobas AM team from London for the past three years, will head the new manager while managing Palm Harbour Global Value Fund, to be launched on 4 of April.
Smith will manage the Palm Harbour Global Value Fund, applying a value philosophy with a global mindset, but with an exposure primarily to selecting value in European small- and mid-cap companies. According to Cobas, Smith admitted that he was highly influenced by Seth Klarman, Joel Greenblatt, Warren Buffett and Francisco García Paramés.
Peter Smith said: "I now have the opportunity to be backed by the Cobas parent company (Santa Comba) to create Palm Harbour Capital LLP, an asset management firm whose goal is to follow a value investing philosophy similar to García Paramés's, and with which I hope to achieve excellent yields for our investors."
Thomas Livesey, who was also working with Peter Smith in partnership with Cobas from London will join the new firm as an analyst.
Similar to the steps taken back in November 2017 with Equam, Cobas AM's parent company is looking to use its corporate holding to create new value project backed by talent in long-term investment with the aim to improve and increase the alternatives that investors have for diversifying their savings.