Bestinver loses another of its star managers. Ricardo Cañete, until now responsible for the Iberian portfolio in the management company owned by Acciona, leaves the firm after completing the integration of Fidentiis. This has been communicated by the manager to its clients through an internal statement. Cañete follow in this way the steps of Beltrán de la Lastra, who announced in early March that he will step down as chief investment officer next fall.
Both managers arrived in October 2014 from JPMorgan Asset Management (De la Lastra) and Mutuactivos (Cañete) to replace Francisco García Paramés, today in Cobas, and Álvaro Guzmán de Lázaro and Fernando Bernad, in Azvalor.
In the letter sent to clients, it is specified that Ricardo Seixas will take charge of the Iberian variable income area, coming from Fidentiis. The other two areas are led by Tomás Pintó, who has signed with Pictet Asset Management to lead international equities at Bestinver, and Eduardo Roque, in the case of fixed income. According to an official Bestinver spokesperson, Álvaro Llanza and Luis Peña, also from Fidentiis, are joining the international portfolio under Pintó's orders.
In this way, Bestinver stops operating with two different "investment engines", as De la Lastra himself described a few months ago to the transitional process that the manager would undergo, when Fidentiis began to integrate after its purchase. Onwards, there will be only one "investment engine" with three different areas, Although the manager has already announced that it will also develop other parallels such as private markets or M&A.
"With this transition, the continuity of the fundamental analysis, the long-term vision and teamwork are guaranteed as essential elements of our management," says Enrique Pérez-Pla, CEO of Bestinver. In the aforementioned letter, he thanks Cañete “for his dedication these years” and wishes him “the best for the future”, although since the signing they have not clarified whether he has a new professional destination or has a non-competition clause, as usual in the sector.
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