JUN 2016 | Excelencia Empresarial
Interview with Christine Dallet, CEO of Patrivalor SGIIC
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"The key is independence, transparency, liquidity, and commitment to clients."
Patrivalor was founded in 1998 as a portfolio management society (SGC) with a joint delegate equity fund (Patribond) which was later joined by another free investment fund (Patrival). In 2015, it became a management company of investment vehicles (SGIIC). The outstanding characteristic of the company is its highly customized management from a base of strong market analysis.
¿What has going from an SGC to a SGIIC meant?
It is a different league. As a financial services business, we have gone from having discretionary portfolio management and delegated fund management, to having discretional portfolio and fund management, along with other vehicles of investment. This increase in size and responsibility mean we must comply with many more requirements and controls.
¿What is the profile of the clients of Patrivalor?
We have grown in an organic way, through word of mouth. Most of our clients are Spanish families with investments between 100.000€ and 20 Million € as well as some institutions. What we value most is our relationship with clients: we know them very well, and we know that for them, just as for us, capital preservation is paramount. We have a significant customer base, and both the service provided and our historical profits are the biggest attraction for new clients.
¿What characterizes your funds?
Patribond is a mixed equity fund, it can have up to 75% equities, and Patrival is flexible global income, and it can go from 0 to 99%. They are distinguished by their risk profile: as of now, Patrival is slightly more aggressive, but the securities are the same, situated mostly in the United States, the Euro zone, Switzerland, and the United Kingdom. What distinguishes them are the percentages of investment, and that Patribond has 25% in fixed income. Patribond was born in 1994 and has now four stars and four sustainability balloons from Morningstar, along with thirteen awards from Standard and Poor’s, Espansión, La Gaceta de los Negocios… Patrival does not have as much history because it is much newer, from 2007, but it is going in the same direction.
¿What differentiates you from other management companies?
Like other managers, the key is independence, transparency, and liquidity; maybe our point of excellence is our analysis. We don’t belong to any financial or economic group, and we dedicate only the best operations to our clients. With our informational and management tools, our clients can see in any moment all of the positions they have, as much in their portfolio as in their funds, something that is not seen in many places. Every trimester, we update the analysis of around 1,000 sought-after businesses to create portfolios and adapt them to the market. On the other hand, we keep in mind the ethics of investment management, and of the business to cooperate with a positive change in society from a financial system, and we try to avoid speculative activity and always opt for investments with good corporative practices. As for possible conflicts of interest, our own resources have always been managed as one more portfolio, what they now call co-investment.
¿What are your future challenges?
We are trying to digitalize the activity as much as possible, ad innovate according to the evolution of the market; our idea is to keep growing at the same pace, and not rule out doing portfolios of third-party funds or investment clubs. On the other hand, security and confidentiality are our premise to develop new accesses and online services for our clients.