Movement in the universe of ‘value’ management. MyInvestor, a new bank of Andbank, wants to have its own offer with this investment philosophy and, for this, has hired the manager Carlos Val-Carreres, according to market sources. Neither the manager nor the entity wanted to comment.
Val-Carreres joins after a few months in True Value, where he arrived after spending more than a year in Singular Bank. Previously, it was manager of Augustus Capital together with Juan Urguet, manager that administers Lierde Sicav, whose origin is the management of part of the assets of César Alierta.
The Zaragoza manager has established himself in the industry as one of the most recognized professionals with the ‘value’ style. Now he joins the MyInvestor template for the launch of a ‘value’ fund. The idea of the neobank they run Nuria Rocamora and Gabriela V. Orille is that it is the cheapest value investment vehicle in the industry.
The project is owned by MyInvestor, although the fund will be launched through the Andbank manager, which owns 75% of the entity. The other 25% is from investors such as El Corte Inglés Seguros and AXA. Until now, MyInvestor has focused on the commercialization of third-party funds, both actively and passively managed, complemented by the launch of three indexed vehicles (Nasdaq100, World Economy Weighted and S&P 500 Equipped).
MyInvestor will thus deepen its offer to attract investors. The idea is that the fund sees the light in the final stretch of 2021, under the baton of Carlos Val-Carreres. The fund will have the ‘value’ philosophy applied to companies immersed in long-term growth trends. The novelty is that the fund will be global, as it will invest in both Europe and the United States.
The manager, after spending at the beginning of his career at Ibercaja and BBVA, joined the management of Lierde Sicav and was a co-founder and partner together with Juan Uguet of Augustus Capital. In 2019 he left the manager and sold his stake to enroll in Singular Bank, the bank led by Javier Marín. The entity and the manager agreed to join them to manage a fund launched through Inversis as an advisor, waiting to launch a securities agency, whose trademark was already registered as Queiles Capital, and with an injection of equity from the bank.
However, the equity contributed by Singular, according to market sources, was below that established in the declaration of intent of both parties. In addition, the project began in September 2019 and in December 2020 there should already have been a company incorporated under the Singular umbrella to manage the fund, but it did not take place and, in parallel, the bank bought Belgravia, which had the manager used by the bank for its own funds offer.
At the beginning of the year, after adding a return in 2020 of 14.5% with the Value Strategy Fund, Val-Carreres left Singular Bank. After six months, True Value announced its incorporation, with the aim of launching an author fund that complements the products that the firm has. But both parties have decided not to continue with the project and the manager will work at MyInvestor.