Spanish value investment boutique Cobas Asset Management has launched a workplace pension fund that will start to be operational from January 2020.
Cobas Empleo Fondo de Pensiones seeks to offer both small and medium-sized companies the opportunity to invest in a pension fund from an independent manager different from Spain's traditional offering coming from banking entities and insurers.
The new pension fund replicates the investment strategy of Cobas' global equity fund, the Cobas Selección fund. This strategy invests at least 80% of its portfolio in equities of any capitalisation and sector of the OECD, with the possibility of investing up to 40% in emerging markets as well.
"The fund launch is a way to give companies the opportunity to invest in independent managers," Cobas AM said.
Francisco García Paramés, the Spanish value veteran owner of Cobas, received the authorisation of the Spanish Directorate General of Insurance and Pension Funds (DGSFP) to set up his own pension plan boutique in June this year.
Following the authorisation, the new manager Cobas Pensiones started administering its two pension plans, which had been temporarily administered by Inverseguros Pensiones.
The permission came two years after Paramés launched his two pension plans.