Spanish investment boutique Bestinver, owned by the Spanish Group ACCIONA, has completed the acquisition of Fidentiis in a move aimed at creating the first independent financial group in Spain.
The acquisition involves that Bestinver will be absorbing all the business arms of Fidentiis (which includes asset management, capital markets and mergers & acquisitions) as well as Fidentiis team of 80 employees.
The new merged company, whose core business will be asset management, will add Fidentiis' €350m in assets under administration to its current €6bn in assets under management.
Fidentiis is an equity boutique that operates in Spain, Portugal, and Italy. The firm has 15 analysts covering over 150 companies.
The operation, which is now under regulatory approval from the Spanish market watchdog CNMV, is expected to be completed by the end of the year.
Sonia Dulá, independent adviser at ACCIONA, will be non-executive president at Bestinver following the acquisition. Dulá previously worked at Bank of America Merrill Lynch, where she was vice chairman and also held various senior roles for the private banking and corporate banking divisions of the company in Latin America. Prior to that, she worked at Goldman Sachs, where she led some global debt and capital issuances as well as some privatisation transactions in Spain, Italy, and Mexico.
Bestinver has also appointed Enrique Pérez-Pla as its chief executive officer. Pérez-Pla co-founded Fidentiis in 2003 alongside Mark Giacopazzi, where he currently holds the role of CEO too. Both had previously worked together at Citigroup.
Enrique Pérez-Pla said: "The merger of Bestinver and Fidentiis, backed by the ACCIONA Group, makes of Bestinver the most relevant independent financial services platform in Spain, with the highest growth prospect.
"ACCIONA has gone ahead some of the changes likely to take place in the financial markets in the coming years, especially on the sell side, in which there will be a reduction of players and possibly some good investment and business opportunities."
Beltrán de la Lastra will continue being Bestinver investments director. He joined the firm four years ago after having developed its financial career at JP Morgan in London, where he came to be general director of investments.