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Ahorro Corporación rebrands as Imantia Capital

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Following the announcement of Abanca’s takeover last year, Ahorro Corporación Gestión has rebranded as Imantia Capital, the local trade press has reported.

The rebranding is part of the complete revamping of the company.

Juan Luis Vargas-Zúñiga, formerly general director of Capital Market of Abanca, has taken over as president of Imantia Capital.

“Imantia was created as main shareholder, but Abanca’s idea is that there are other shareholders in future to make the manager more independent,” Vargas-Zúñiga says.

According to the president, the project aims at keeping Abanca’s share in the new company below 50%.

The asset manager starts with AUM of €3bn, 39% come from Abanca and 52% come from Ahorro Corporación funds.

The post Ahorro Corporación rebrands as Imantia Capital appeared first on Investment Europe.


Imantia Capital restructures its fund offer

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Spanish asset manager Imantia Capital has restructured its fund offer, in a move to define its new corporate strategy.

The boutique has merged and restructure funds of funds and launched new ones.

A big change has been the downsizing of the offer of profiled products, which is composed by two funds of funds: Imantia Global Conservador and Imantia Global Moderado.

Imantia Capital has converted Ahorrofondo into Imantia Decidido, a fund of funds of international mixed fixed income, which will invest between 30% and 75% in domestic and international equities, that include EM countries, all cap companies and sectors.

Imantia Flexible, which results in the merger of Imantia Inversion Selectiva Flexible with Imantia Inversion Selectiva, will be a fund of global funds with the possibility to invest between 0% and 100% in equities.

“The restructuring aims to adjust the product range in order to fit customers’ needs in line with the current market environment. It covers various risk profiles as well as management styles,” Imantia Capital said.

In October last year, Ahorro Corporación Gestión was rebranded as Imantia Capital, in order to complete revamping of the company.

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Spain’s Imantia launches passive fund

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Asset manager Imantia Capital has launched a passive fund that replicates the behaviour of the Spanish stock market index Ibex-35.

The Spanish firm claims Imantia Ibex-35 is the cheapest equity index fund of the Spanish market.

The fund has a management fee of 0.35%, which compares with the average fee of 1.7% for equity funds.

Imantia’s new product “combines low costs of ETFs with the tax advantage of funds”, Imantia said.

The fund, with is aimed to Spanish investors, has a reduced tracking error, so its behaviour is easily predictable for investors, it said.

Last month, Imantia announced a restructuring of its fund offer, in a move to define its new corporate strategy.

Imantia converted Ahorrofondo into Imantia Decidido, a fund of funds of international mixed fixed income, which will invest between 30% and 75% in domestic and international equities, that include EM countries, all cap companies and sectors.

Imantia Flexible, which results in the merger of Imantia Inversion Selectiva Flexible with Imantia Inversion Selectiva, will be a fund of global funds with the possibility to invest between 0% and 100% in equities.

“The restructuring aims to adjust the product range in order to fit customers’ needs in line with the current market environment. It covers various risk profiles as well as management styles,” Imantia Capital said at the time.

In October last year, Ahorro Corporación Gestión was rebranded as Imantia Capital, in order to complete revamping of the company.

The post Spain’s Imantia launches passive fund appeared first on Investment Europe.

Imantia Capital expands equity team

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Spain’s Imantia Capital has hired Juan Llona as its asset manager for equities.

He will be involved in the analysis process and decision-making of this type of asset, and will be responsible for Spain’s stock market funds.

Llona was previously manager at Allianz Popular Asset Management, where he worked for five years as manager of mutual funds and pension plans, being responsible for sectors such as insurance, oil, telecommunications and technology.

Prior to that, Llona worked for Credit Suisse Gestión, within the department of Control and Risk Management. He holds a degree in Business Administration and Management from Madrid based Carlos III University, as well as the FRM and CAIA certifications.

“This addition aims to increase Imantia Capital’s supply of equities, where we want to achieve the same level of excellence that distinguishes us in fixed income,” the asset manager’s CEO Gonzalo Rodríguez said.

Last week, Imantia launched a passive fund that replicates the behaviour of the Spanish stock market index Ibex-35.

The Spanish firm claims Imantia Ibex-35 is the cheapest equity index fund of the Spanish market, with a management fee of 0.35%, which compares with the average fee of 1.7% for equity funds.

Imantia’s new product “combines low costs of ETFs with the tax advantage of funds”, Imantia said.

The fund, with is aimed to Spanish investors, has a reduced tracking error, so its behaviour is easily predictable for investors, it said.

Last month, Imantia announced a restructuring of its fund offer, in a move to define its new corporate strategy.

The post Imantia Capital expands equity team appeared first on Investment Europe.

Spanish fund industry AUM hit by Brexit

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Spain’s asset management industry has been hit after UK’s decision to leave the EU, according to data from asset manager Imantia Capital.

Total assets under management (AUM) have decreased by 2.3% or €5.15bn to €217.35bn in June, which reverses the upward trend seen in the last three months.

The fall in June has been determined by the market’s first reactions after Brexit, which saw Spain’s benchmark stock market Ibex 35 suffering the worst fall in history, with a fall of 12.3%. Thus, 77% of June’s AUM decrease was driven by a depreciation of the funds’ assets, while 23% of the fall was linked to net outflows.

The decision of the British has had a major impact in the equity asset class, which fell by €2.89bn in June. Fixed income’s funds also saw a decrease of €450m, but the fall was mitigated by the support of the European Central Bank purchase program, Imantia said.

In the first half of the year, the Spanish fund industry has seen AUM decrease by 2% or €4.45bn, on the back of June’s performance.

The drop in H1 was driven by outflows of €9.54bn in funds more exposed to risk, which couldn’t offset inflows of $4.86bn in fixed income funds.

 

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Spain’s Imantia launches Reits fund

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Asset manager Imantia Capital has launched Reits Global, an equities Ucits fund investing in real estate vehicles.

The fund will invest betweet 70% and 100% of its assets in equities issued by Reits listed on Europe, North America and Asia-Pacific, including emerging markets.

It will invest in a range from 25 to 30 issuers, diversifying risk among different regions and property types, with exposure not exceeding 5% per each Reit, the asset manager said.

Imantia Capital will team up with real estate investment management firm Viewise, for the selection process of this asset class.

Unlike traditional real estate funds, with the issue of liquidity mismatch between the liquidity of investment funds and the illiquid assets into which they invest, Imantia Reits Global has a daily valuation and liquidity, enabling withdrawals “immediately”, the asset manager said.

“In this environment of low returns on fixed income, we propose alternatives to unitholders and today we believe there is an excellent investment opportunity in the real estate market,” says Gonzalo Rodriguez, CEO of Imantia Capital.

The fund will be distributed in Spain and has three share classes for institutional, private banking and retail investors.

The post Spain’s Imantia launches Reits fund appeared first on Investment Europe.

Abanca sells 62% stake in Imantia Capital

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Spanish bank Abanca has sold 61.7% stake in asset manager Imantia Capital for an undisclosed sum.

The buyer is Miurex Inversiones Hispania, a firm with a sole administrator, Pedro López, Spanish media reported.

López had previously worked for EY and Banesco Holding — current owner of Abanca. He has also been the director of several companies engaged with capital markets.

In May 2015, Abanca bought 78.4% stake in Ahorro Corporación, which was rebranded as Imantia Capital five moths later. As it had already 13.2% in the Spanish asset manager, Abanca’s stake increased to 91.7% last year.

The acquisition was made to expand Abanca’s banking business, although the bank said afterwards it intended to sell a stake in Imantia.

“Abanca explained […] his goal was to dilute its stake below 50%, and it said it would give entry to new shareholders to guarantee customers the maximum independence in management,” sources from Abanca said.

Following the sale, Abanca holds 30% stake in Imantia.

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Spanish fund AUM reach highest level since March 2008

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Spain’s fund industry has seen its assets under management (AUM) increase to €226.3bn through August, the highest level since March 2008.

AUM increased last month by €1.7bn, which represents a 0.8% improvement from the previous month, according to the latest data from asset manager Imantia Capital.

Net inflows in August, a month with little commercial activity, totalled €1.28bn.

By categories of funds, there were no large variations observed from July. Total industry AUM increased by 1.9% compared with the end of June, when AUM decreased by 2.3% yo €217.35bn, according to data from industry association Inverco.

The most notable change is the €800m drawn by the Caixabank Rentas Euribor fund, after adding €1.6bn in July, just one month after its launch.

Following this year’s trend, buy-and-hold funds and fixed income funds recorded the highest growth.

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Imantia Capital boosts FoF team

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Spanish asset manager Imantia Capital has hired Francisco Mariscal as funds of funds manager, thus strengthening the management team. Mariscal comes from Banco Santander, where he worked for three years as manager of Market Making… ...

Spain’s Imantia launches guaranteed fund

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Spanish asset manager Imantia Capital has launched a guaranteed variable-yield fund called Abanca Garantizado Rentas Anuales. The fund guarantees 100% of the initial investment, as well as a variable return, by means of mandatory repayments,… ...

Clarity above all else

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Rafael López de Novales (pictured), head of Fund of Funds at Spanish asset manager Imantia Capital, explains that clarity and simplicity regarding investment strategies are key factors when selecting mutual funds. Keeping things simple is… ...

Imantia Capital hires head of business from Santander AM

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Spanish Asset Management firm Imantia Capital has appointed Mario Díaz as head of business. Díaz (pictured) has more than 20 years’ financial experience -both local and internationally- having worked for two years in Switzerland and… ...

Spain’s Imantia Capital names CIO

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Spanish asset manager Imantia Capital has promoted Francisco Sainz to chief investment officer (CIO) unifying thus the roles of CIO and management director. Sainz, who will be reporting to Imantia’s CEO Gonzalo Rodríguez, will be… ...

Spain’s Imantia Capital names equity and FoF responsible

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Imantia Capital has appointed Francisco Blasco as responsible for equity and fund of funds. Blasco will report to Francisco Sainz, CIO at Imantia since May 2018, and who has worked for the company for 20… ...
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