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.

Miguel Méndez, in an archive photo of Metagestion.

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.

Carlos Flores.

Carlos Flores.
Metamanagement.

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.

Madrid Stock Exchange.

Madrid Stock Exchange.
Europe Press.

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.

This is Welcome AM, the new manager of the former Credit Suisse bankers

The firm is pending approval by the CNMV and AFA, will provide service from 500,000 euros and will not have any industrial partner.

From left to right: Gregorio Oyaga, Ignacio Laviña, Victoria Coca and Javier Alonso, founders of Welcome AM.

The most fashionable investment firm that will be in the capital in the coming months is called Welcome Asset Management. It is the new independent manager that the former Credit Suisse bankers who resigned during the summer have set up, with Ignacio Lavina and Javier Alonso in front. Among its initial objectives is to carry out, among four and seven signings between now and the end of the year. Your target audience? Clients with an estate greater than 500,000 euros.

Last September 1, Andbank Spain closed the sale of 100% of the shares of the Wealthprivat manager (the former Degroof Petercam) to Welcome AM Spain. This operation, of which the price has not been disclosed and which only includes the sale of the management company’s license to operate, without assets or clients, is pending approval by the National Securities Market Commission (CNMV) and the Andorran Financial Authority (AFA).

Wealthprivat Asset Management SGIIC is the commercial name that Andbank provided to the manager of Degroof Petercam Spain once the acquisition of this entity materialized in February of this year.

Javier Alonso, Welcome Asset Management.

Javier Alonso, Welcome Asset Management.
Silvia Pérez, THE SPANISH.

The founding team of shop receive to invested in its recently opened offices on Paseo de la Castellana. Their leitmotiv“putting technology and talent at the service of the client, as well as the exhaustiveness of the teams when planning investment processes and asset allocation”.

Initially, the eight members of the founding team are: Gregorio Oyaga, Victoria Coca, Daniel Vaquero, Alfonso Guerra, Maria Montalbán, Virginia Rivero and Laviña and Alonso themselves. All of them from Credit Suisse Spain.

three general directions

The manager will be articulated around three general directions: Businessunder the command of Laviña and where bankers like Guerra will hang; Investments, with Alonso as the first sword and followed by Oyaga, Coca and Vaquero; Y Operationswhich does not yet have a person in charge, but the first members of the team of middle and back office, Montalban and Rivero. However, this third address will be “priority” for Welcome AM. The partners want to give “great importance to legal certainty,” they say in conversation with this newspaper.

Ignacio Laviña, Welcome Asset Management.

Ignacio Laviña, Welcome Asset Management.
Silvia Pérez, THE SPANISH.

No recruitment targets have been set, but they do hope to have a staff of between 12 and 15 professionals at the end of 2021whose number would rise to the twenties in mid-2022. Among those who arrive, there will be private bankers, asset managers and, of course, members of operations and risks and the person in charge of this area.

Although in the summer the possibility was rumored that they had the financial support of some family office or industrial partner, in the end it will not be like that. 100% of the shareholding will be private capital of the partners founders and other partners who join, although not all the professionals on the staff will be partners.

Waiting to receive the relevant authorizations before the end of the year. They have embarked on this project because, after recent purchases in the asset and wealth management sector by Mutua Madrileña, Mapfre or Singular Bank, among other groups, “We have detected a gap in the niche of independent firms that combine managers and bankers, this segment is becoming an orphan and there are already very few.”

External collaborators

Its three main services will be the management of collective investment institutions, discretionary portfolio mandates and independent advice. His strong point will be the realization of the asset allocation and the selection of the best investment funds from third-party entities.

They will not have a sicav, as is usual in wealth management companies, but they do aspire to attract mandates from external sicavs for their delegated management. Nor will they have their own investment funds, at least in a first stage. Although Alonso advances that, most likely, in the medium term they will launch a treasury fund and some other niche fund where they have enough experience to manage them themselves.

The founding team of Welcome AM poses for Invertia.

The founding team of Welcome AM poses for Invertia.
Silvia Pérez, THE SPANISH.

Another aspect to note is that they will be multi-custodian and the clients that operate with them will not have to leave their entities of origin. They will collaborate with various depository banks, including inversionAlthough it is owned by Banca March, in practice it is the intermediary and custody platform that Andbank also uses since it bought the personal and private banking businesses from the Marches. Soon they will close more agreements with other depositories.

And, when they have their own funds, they will use Allfunds to distribute them to other entities.

With the current environment of zero and negative rates, unlisted alternative assets (venture capital, renewable energies, hotels, agribusiness…) also take on special relevance. For this type of investment, reserved exclusively for customers with the highest volume, they will leverage external partners. The same scheme of subcontracting of expert firms will continue for possible corporate and investment banking operations of their clients.

In the longer term, jumping out of Spain and hiring financial agents is on his mind. But, for now, the first milestone will be to start operating at the end of this year or the beginning of next.

Caja Ingenieros investment funds exceed 1,000 million assets

The manager, who is celebrating 20 years, has 80% of the managed volume recognized as article 8 of the SFDR, that is, as sustainable.

A branch of Caja de Ingenieros.

Investment funds managed by Caja Engineers Management have exceeded €1 billion of equity, according to a statement issued by the entity.

The general manager of the Barcelona manager, Xavier Fàbregas, explained that this fact coincides with the 20th anniversary of the entity and that the period “has been characterized by major milestones in terms of sustainability”.

The manager has a rating of sustainability of 4.8 planetsout of five possible, according to the rating of sustainability Morningstar and Sustainalytics, and 12 of the 13 funds of the firm have the recognition of the Morningtar stars in both the category ‘overalls‘ like in the three year old.

Managed assets have grown by 33% year-on-year in 2021 and have accumulated an increase of 73% in the last five years. In addition, 61% of the equity incorporates the socially responsible investment (ISR) label in its name.

Secondly, 80% of managed assets is recognized as article 8 of the European Union Sustainable Finance Regulation (SFDR), such as funds that promote sustainable, environmental or social characteristics.