Mapfre Asset Management has signed a strategic partnership with New York-based Boyar Asset Management in a bid to strengthen both its research capabilities and returns in the US.
Under the terms of the agreement, Mapfre which has more than $500m in US equities under management, will provide Boyar with the possibility of incorporating its experience with European stocks into Boyar's analysis, as well as its philosophy of using environmental, social and governance (ESG) criteria when selecting companies in which to invest. The company also plans to distribute Boyar's asset management capabilities globally.
For its part, Boyar will contribute its extensive experience in fundamental analysis, especially in small- and mid-cap companies, which is the hallmark of the firm's core philosophy and where it will add value to the Spanish financial group and its clients.
The agreement is in line with Mapfre's ongoing research of strategic alliances in the asset management business capable to generate value for its clients, against a backdrop of historically low interest rates in Europe.
As part of this strategy, Mapfre recently formalized a strategic agreement with Abante Advisors to create an independent platform for financial advisory services and the distribution of the most competitive products in the Spanish market.
In November2017, the Spanish multinational insurance group had acquired a 25% stake in French asset manager La Financière Responsable (LFR), in a transaction aligned with the firm's commitment to follow a responsible investment policy. In this regard, the Mapfre Inclusion Fund was recently launched to invest in companies that promote the recruitment and inclusion of people with disabilities.
Founded in 1983 by value investor Mark Boyar, Boyar AM manages client portfolios for both institutional and high-net worth clients using a value-oriented investment strategy predicated on purchasing intrinsically undervalued companies. Since 1975, Boyar has published independent research on a subscription basis identifying intrinsically undervalued U.S. equities. The research division has more than 100 institutional clients worldwide.Its annual Forgotten Forty publication, which contains Boyar's 40 best investment ideas for the year ahead, has become a must-read publication for value-oriented investors globally.
Mapfre AM is Mapfre's group's long-term savings solutions specialist. It has a team of 150 professionals managing over €60bn worldwide, and is an active investor in 26 countries.