We manage
personal and
institutional mandates

José Antonio Santos Arrarte, Ph.D.


1997 - 2006
Ph.D. in Economics, Universidad Pontificia Comillas (ICADE), Madrid.

1964 - 1970
Bachelor of Business Administration, Universidad Pontificia Comillas (ICADE), Madrid.

1964 - 1969
Law Degree, Universidad Complutense de Madrid.

Professional Experience

1998 - Currently: Patrivalor, S.G.C., Inc
President and Managing Director of "Patrivalor" asset management firm registered on 30.9.1998 in the Special Register of the CNMV under number 130.
Management of funds "Patribond" and "Patrival" as well as individual and corporate portfolios, and promotion of "Patrisa" fund.
"Patribond" has been the most awarded blended equity fund in the period 1998-2010: receiving awards from Cinco Dias and Lipper (4), La Gaceta de los Negocios and Morningstar (1), and Expansion and Standard & Poor's (7). Furthermore, it also has been awarded with the category (rating) "five stars" by both Standard & Poor's and Morningstar.

1991 - 1998: Other Activities
During this period, develops activities at Universitary field and on the Advisory and Portfolio Management field (working with SVB BGS, promoting Cofival SV, and Mediación Bursátil SVB).
On May 13th, 1994, promotes in Cofigestion SGIIC the establishment of mutual funds "Patrisa" and "Patribond" both of which are still active today.

1972 - 1990: Banesto

1988 - 1990
CEO of "Grupo Banesto" bound for the Industrial Group: development and design of the "Corporación Industrial Banesto"; installation of information and control systems in subsidiaries; placement transactions (Acerinox in the UK market) and negotiation (in agreement with Curragh Resources AZSA); studies on Corporación Banesto placement in international markets. Executive Director of Grupo Deportivo Banesto (cycling team).
In December 1990, terminated its relationship with Grupo Banesto (intervened by the Bank of Spain in December 1993).

1985 - 1988
Founder of the society of money market intermediation "4B de Intermediación".

1982 - 1985
Founder and CEO of Mortgage Company "Hinvisa".

Constitution and development of the service of foreign investment for domestic customers and companies.

1978 -1985
Portfolio Manager of mutual fund "Fontis".

1974 -1976
Constitution and development of the treasury department of the bank.

1972 -1985
Portfolio Manager of SGC "Gestis".

Other representative positions performed in the period:
-Macroeconomics, sectorial and equity research, mainly on Spanish area, and also comparative and case reports (Japan, Portugal). In total over 7,000 pages.
-Founder and Director of Media Planning SA, founder and vicepresident of Sociedad de Tasación SA, founder and executive director of the Fondo Hipotecario de España (Spain Mortgage Fund), and Director of the Asociación Española de Operadores Hipotecarios (Spanish Association of Mortgage).

1969 - 1972: Banif

-As a financial analyst:Publishes macroeconomic studies, as well as sectorial and enterprise reports in the "Boletín Banif", being appointed Director.

-As a manager: Establishment of mutual fund "Gesta" and investment companies "Juan Bravo Dos" and "Olimpia" and management of their respective portfolios.


2006: Doctoral Thesis
-“Development of a proposal to overcome the eclectic discrepancies on the return demanded by the investor, in the Spanish case, according to the dividend discount model (DDM) and capital asset pricing model (CAPM)”, directed by Prof. Dr. D. Cecilio del Moral Bello.
Defence on 18.01.2006 at the Universidad Pontificia Comillas, having received excellent cum laude qualification.

-AEDEM Congress, Las Palmas, in April 2001, presentation on "Control premium in Hidrocantábrico", co-authored with Ms Teresa Díaz Martínez.

-Paper on "Financial System and Exchange Capital Market", published as the first chapter of the book "Course of Introduction to Securities Markets". ISBN: 84-344-2176-3.
In this book, two chapters and updated in successive editions (1996, 2001 and 2007):
Chapter 1: "Financial System and Exchange Capital Market", author.
Chapter 19: "Inflation and Exchange", co-authored with D. José Luis Sánchez Fernández de Valderrama.

-Paper entitled "Groups of Companies and Market Control", published by the Spanish Institute of Financial Analysts. ISBN: 84-404-9381-9
-VI AECA Congress in October 1991 in Vigo, paper on “Financially Linked Firms: Definition, Strategy, Leadership Styles and Conflict."

-III Congress of International Economics at the University of Salamanca, in April 1990, presentation on "Impact of New Technologies in the Financial Sector", in Salamanca, co-authored with D. Bernardo González Cueto.

Other Publications

Since 1975, Articles and Contributions on economic, social, and financial system in general and specialized media magazines such as " Análisis Financiero” (Journal of the Spanish Institute of Financial Analysts), "Verbo" (Fundación Speiro magazine) "Acta", " Cuenta y Razón", "Contrapunto", "E-conomista, and dailies"El País","La Vanguardia","Informaciones", “Expansion","Cinco Días","Gaceta de los Negocios" and others.

There are copies (in Spanish) of the following:

-"The chaos of financier model", Consejeros in November 2008.

-"America: between the mule and the elephant", La Vanguardia, October 31, 2004.

-"The valuation of intangible assets and intellectual capital", Análisis Financiero No 95, 2004.

-"The state of the financial question” E-conomista (newsletter of the European University of Madrid), No. 1, June 2002.

-"The U.S. stock market in 2001", Intereconomía Yearbook 2002, January.

-"Banking and energy in Spain: less than parallel biographies" Acta (specialized journal of scientific, technician and academic authors), October 2001.

-"The parity of football," Gaceta de los Negocios, October 2000.

-"Price money, exchange rates and interest rates" Cuenta y Razón, No. 55, October 1990.

-"The economic power", Verbo, No. 275-276, July 1989.

-"Technocracy" Verbo, No. 259-260, December 1987.

-"The strategy of the rose", Verbo, n º 221-222, February 1984.

-"E. F. Schumacher, Verbo, No. 209-210, December 1982.

-"Perdomo, social issues and the science of administration", Verbo, n º 201-202, February 1982.

-"Public Debt and Subsidiarity", Verbo, n º 195-196, May 1981.

-"Bills of exchange: first year in the stock market", Análisis Financiero, n º 25, August 1981.

-"The economy and expectations for the 80’s", Análisis Financiero, No. 22, April 1980.

-"A market crisis", Análisis Financiero, n º 20, September 1979.

-"Impressions of an analyst in New York" Análisis Financiero, n º 3-4, December 1974.

-"The analysis of the trend in the Spanish stock market", Análisis Financiero, No. 1, May 1974.

Academic Activity

Classes and conferences on topics: "Economic foundation of the stock exchange market" "Evolution of the financial system," "Market and economic cycles” and related materials at:

-Colegio de Economistas (1993, 1994, 1995, 1996, 1997, 1998, 1999, 2000)

-CECO (1993, 1994, 1995, 1996, 1997, 1998, 1999, 2000)

-AECA (1991)

-IEAF (1977, 1978, 1985, 1986, 2001)

-CEU (1981, 1982, 1983)

-ICADE (1976, 1977)

European University of Madrid (formerly CEES), Associate Professor.

-"Strategic Management of Sports Firms" (2005)

-"Major Mergers in Spain" (2003)

-"Financial Analysis and Portfolio Selection" (2001, 2002, 2003, 2004)

-"Financial Instruments" (1999, 2000)

-"International Financial Markets" (1997)

-"Securities & Markets" (1996, 1997, 1998, 1999, 2000, 2001.2002)

-"Banking and Stock Exchange Management" (1996, 1997, 1998, 1999)

Additionally, design, organization and coordination of:

-Summer Course of the European University (Marbella), in August 1998 on "Integration of Spain in the Euro", with the participation of Instituto de Estudios Económicos, Analistas Financieros Internacionales, CNMV (Spain) and C.E.E.S.P. (Mexico).

-Seminar on "Major Industrial Enterprises," in April 1998, with the participation of Telefonica, Endesa, Iberdrola, Repsol, Cepsa, FCC, Acerinox and Tafisa.

-Seminar on "Large Financial Enterprises" in April 1999 with participation of: BSCH, Argentaria, Bankinter, Popular, Zaragozano, Caja Madrid and Mapfre.

Finally, organization of the following conferences:

-D. Dionisio Martín Sanz "Productivity as a new economic paradigm"

-D. Juan Avilés Trigueros "A prospective vision of consumption and energy supply sources."

Other Activities

- From June 2001 to June 2007, responsible for web page content at IEAF.es

- From 1998 Patron of the Foundation Elías de Tejada and investment advisory.

- From March 1994 to January 2009, international consultant for Tunstall PLC, Whitley Lodge, Yorkshire, UK and Chief Executive on his behalf in ESES, SA Madrid from 1994 to 2005, year in which participation is sold.

- Since 1988, founder and President Documentation de Medios, SA, a company monitoring of newspapers and magazines.

- Board Member of Asociación Hipotecaria de España (1982-1987).

- Since 1978, founder and speaker of the monetary situation in the quarterly meetings of the "Club de Análisis de Coyuntura" which consists of 10 leading companies from different economic sectors.

- Since 1972, active in the Instituto Español de Analistas Financieros (IEAF), and Member of the Board at various mandates as well as and Secretary General.

Founder and member of the Editorial Board of the Journal "Análisis Financiero" (in which publishes several articles) and author of the design, organization and implementation of the first courses on "Financial Conjuncture" and on "Sectorial Analysis" as well as several Seminars over current issues.