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MAY 2015 | Funds people

Patrivalor changes their last name: to stop being a portfolio manager in order to manager funds

Autor: Rubén Escudero, J. Pinto    |    
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They implement their value philosophy in equities through the funds Patribond and Patrival. They will start their new path with 115 million under management. The portfolio management company Patrivalor changed their last name and became a management company of collective investment institutions (IIC). Their official registration number in the Comisión Nacional del Mercado de Valores (CNMV) will be 241. With their incorporation, the number of Spanish managers increases to 98.

The firm, founded in 1998 by José Antonio Santos, aimed, with this change, to attend to their clients better. “The taxation is worse for portfolios with specific securities, because of this, we are heading towards IIC, where no capital gains are retained every time you operate. With IIC, you benefit because you're always supposed to be in the market,” justifies Santos, also president and advisor at the firm. In this sense, signals Santos, that he didn’t have any doubt that “with MiFID II, the portfolio management companies wouldn’t have another way to operate.” In short, it points out that they intend to gain in operational efficiency and save costs to customers.

The two most important aspects of the new manager are “to preserve capital without shocks” and “not to bet, but to invest in the long term with a value profile,” a management style which they already applied in the past, and in this new stage they will maintain. To implement their philosophy, Patrivalor manages two funds: Patribond, an international mixed equity fund, and Patrival, a global.

As soon as it begins its journey as an IIC manager, Patrivalor will start with 115 million euros under management. Patribond now has 57 million and Patrival has 40 million, the remaining portfolio values.

Patrivalor’s universe of investment is centered in developed markets, and its management team is composed of two people, Ricardo Santos, CFA, and José Antonio Santos, PhD, who invest their financial assets, along with their clients, in their funds as a symbol of alignment of interests. Along with them, eight other professionals work at the firm. In the short term, and to give support to the corporate change, the staff will be expanded from the current ten members to 14 professionals in total.