The Spanish Directorate General of Insurance and Pension Funds (DGSFP) has authorised the Spanish value veteran Francisco García Paramés to set up his own pension plan boutique two years after launching his two pension plans.
Following the authorisation, the new manager Cobas Pensiones will be administering its two pension plans, which had been temporarily administered by Inverseguros Pensiones.
While Inverseguros Pensiones was in charge of the administration duties of the pension plans pair, Paramés' boutique Cobas Asset Management was in charge of their management and distribution, and will continue to be.
The two pension plans are the Cobas Global and the Cobas Mixed Global. The first is a pension fund that invests 90% of its portfolio in global equity and the remaining 10% in Portuguese and Spanish stocks while the second vehicle invests between 25% and 75% in equities and the remaining share in fixed income, mostly public.