Andorran private bankCrèdit Andorrà has cancelled the agreement it had with Cobas Asset Management through which the Spanish value boutique had been offering advice to one of the bank's sicavs since 2016.
From now on, Crediinvest European Value Sicav will be exclusively managed by the Andorran bank. With some €300m in assets under management, the vehicle had received advisory services from the Spanish value boutique during the past three years.
Cobas said in a statement: "Crèdit Andorrà and Cobas AM have modified the strategy by which they have been partnering for the last years with the aim to optimise the management of the Andorran bank's own collective investment schemes, while diversifying the investment capabilities for its clients."
Despite the cancellation of the mandate, both entities have announced thatCrèdit Andorrà will be distributing Cobas' entire range of funds managed in Luxembourg, with the aim of offering the best service and products to all customers, including those from the Andorran bank who are interested in value investing management.