Metagestion dismisses its CEO and ‘burns’ its third executive team in three years
The manager owned by the largest shareholder of the Montebalito construction company finalizes the return as CEO of Carlos Flores.
Metamanagement increases your problems. The independent fund manager, one of the oldest in Spain, has dismissed its general manager, Miguel Méndez, after the poor results harvested in its two main strategies, especially in the one that has to do with the international stock market. It is the third executive team that ‘burns’ in three years. As Invertia has learned, the firm completes the return as CEO of Carlos Flores, who was already its president for just over a year between 2019 and 2020.
The two flagships of Metagestion are the funds MetavalueIberian equities, and International Metavalue, which invests in stocks from around the world. The first only rises 2.5% so far this year, compared to a revaluation of 10% in its index. The photo in the second is even worse. lose more than one -17%, while its comparable index rises 21.2%. Quite a burden, being in the last positions of the ranking.
Méndez has not been able to turn the situation around and has been dismissed for José Alberto Barreras, owner and president of Metagestion. Barriers is in turn the majority shareholder of the construction company Montebalitowhich is listed on the Continuous Market and whose personal fortune is managed by the manager that is under the umbrella of the construction group.
But the outputs in Metagestion do not end there. Another of the fund managers, closely linked to Méndez, has submitted his resignation. Is about Julian Lirolaaccording to sources close to the investment firm.
The question that investors are now asking is: who manages these and the rest of the house’s funds? The only manager left on staff is Ignatius Salido, since Alfonso Batalla left the daily management of the funds last December to take charge of the personal investments of the construction businessman. However, the firm has already opened a selection process to find replacements.
Flores, a fundamental profile
In these comings and goings of executives and managers, everything seems to indicate that it will be Carlos Flores who will take charge of the manager from now on, who is closing his contract in the absence of the last fringes. Flores arrived with Méndez in a double managerial signing in the summer of 2019. The first was given the presidency with commercial tasks and the aspiration to internationalize the firm, and the second depended on the general management with responsibilities for the products and investments of its wallets.
but both They collided from the first minute. Flores had a marked character as a long-term fundamental analyst, compared to technical analysis and trading of short term imposed by Méndez. That particular internal battle resulted in the departure of the first shortly after arriving. But now Barreras has pulled the agenda and has asked him to come back, with room to reintroduce the old philosophy of the house, which was long-term and, even, very dedicated to the value investing.
Flores has worked for firms such as ICBC Standard Bank, Bank of America Merrill Lynch, Goldman Sachs or Deutsche Bank, in positions related to the structuring of derivatives, sale of fixed income and currencies or financing and risk solutions, among others. Currently, he is a Managing Partner of Stormharbour Securities.
Metagestion is responsible for more than 475 million euros in investment funds, according to Inverco with June data, although it managed more than 600 million precisely two years ago, very close to maximums, when it incorporated Méndez and Flores in the first stage of this. The lack of credibility before the investment community due to its constant rotation of teams, the bump in profitability and the Covid-19 crisis have formed the perfect storm for the shop. None of the parties involved have responded to the questions of this newspaper.
And, if he hasn’t lost more clients in this time, it’s because he keeps a collaboration agreement with the OCU,your main customer. OCU Inversiones recommends the Metagestion funds among its partners, although it is not a formal agreement, several of the sources consulted testify.
Horos and Beka fished in rough waters
The truth is that Metagestion has always been a manager with many changes in its leadership. But what we have experienced in the last three years has been a true roller coaster. In the summer of 2018, Javier Ruiz -at that time, Director of Investments-, Alejandro Martín and Miguel Rodríguez they went to Horos Asset Management as majority partners, which was started by José María Concejo, who for a few months -at the beginning of 2017- had also been CEO of Metagestion.
Today, your background Horos Value Iberia is the most profitable among those who invest in the stock markets of Spain and Portugal, with a rise in the year of more than 22%, surpassing its comparable Metavalor by practically 2,000 basis points.
The team that replaced them, made up of Fernando Cifuentes (a veteran of Metagestion) and Javier Martín, ended up joining Beka Finance in 2019 for its Asset Management division. Cifuentes is the director of Fondos Abiertos and Martín, the director of Investments.
There are numerous voices inside and outside that criticize the interference and personalism of Barreras, more an expert in real estate than anything else, in the daily administration of the manager, hindering the work of its executive teams. Despite the fact that he has had several offers to sell the investment firm, all of them have been rejected by him or the negotiations have been broken by the other, given the high price claims that the construction businessman has.
One of his daughters, Anabel Barreras, advises him however sell part of the capital -around 20% would be willing- to some external investment group, in such a way that it would give them financial lung and help them in the professionalization of the manager while Barreras father could continue flying over it but without an executive position. We will have to be attentive to see what happens in this new stage.
According to the firm itself, which has confirmed through an official statement the appointment of Flores after the news published by this newspaper, his total assets amount to more than 550 million if pensions and other portfolios are taken into account. “In this new stage, Metagestion maintains its objective of business growth focused on four fundamental lines: the growth in assets of the entity’s historical funds, the constitution of a new fund in Luxembourg to accommodate international business, the opening of an office in Barcelona and the start-up of the division of private and corporate portfolio management recently approved by the CNMV”, they explain from the manager.