Finaccess Value aims to compete with the large asset managers and reach 1.4 billion euros

From being a family wealth management firm -owned by Mexican businessman Carlos Fernández, known for being a reference shareholder in Banco Santander, Colonial and AmRest- to taking the leap to position itself very close to the large asset managers in Spain. This is Finaccess Value's goal for the next five years, a period in which it aims to raise 1.4 billion euros and become a benchmark in independent management and advice.

The firm has been operating as a broker-dealer since late 2020, when it received the go-ahead from the CNMV, but it was last year when it began to deploy its full artillery, with the signing of David Ardura, Alfonso de Gregorio and Lola Jaquotot, experienced managers who worked together for many years at Gesconsult, and the launch of several funds in collaboration with atl Capital and Renta 4: atl Finacces Global and Finaccess Renta Fija Corto Plazo and Finaccess Estrategia Dividendo Mixto.

But the firm wants to further underpin its growth, for which it is preparing the creation of a new equity product and the exclusive distribution in Spain of the funds of the Nevastar boutique - which manages almost 1,000 million euros in Ucits vehicles and 2,400 million in private equity and real estate - including Wealth Defender, Climate Change, listed under Article 9 of the European sustainability directive, and Convergence Technology.

"We have evolved from a family firm to an open management firm, but keeping capital preservation as a fundamental principle. We are very careful about where we invest, carrying out a very thorough due diligence, because we invest for ourselves, the family office, although we also like to make money, but always with capital preservation in mind," says Javier López Casado, president of Finaccess Value, who says the firm would be comparable to Bestinver, which started out as the Entrecanales family's wealth management firm.

"Finaccess is a Mexican group with 20 years of experience; in fact, the Mexican fund manager manages some US$1 billion, and has a presence in the US, through the advisory firm Finaccess Advisors in Miami, and now in Madrid, with Finaccess Value. And we also make direct investments, through Finaccess Capital, and philanthropy," says López Casado.

But they do not want their image to be reduced to a stereotype. "It is true that we have the best of letters of introduction, because the firm is owned by one of the most respected industrial families in Mexico, and one of the most discreet. But we don't want that to define us, we want it to be because of our work, with our funds. In Spain they do not know us yet, but they will get to know us with our work. Family values permeate the entire company, but we are a management firm that takes great care with costs," emphasizes López Casado.

This experience places them, in the opinion of Finaccess Value's president, in an ideal position to compete in the Spanish market, where many Latin American fortunes have also settled in recent years. "We don't manage wealth, we manage risk, because each person's wealth is fundamental to them. There are very few global banks really. You have very powerful American banks, such as Bank of America or Citi, which may have weight in Latin America but are not very important in Europe. And others, such as BBVA, have divested their U.S. subsidiary. And this is reflected in their asset allocation, where Europe is practically absent. But we target Spanish clients," he specifies.

Although for the moment they are content with the structure of a securities agency, they do not rule out the possibility of creating their own fund management company in the future, but "we want to size the project in the right way and, once the project is working perfectly, we will probably set up the fund management company in two or three years' time, because we are restless. But we are not under pressure to launch products, but rather to meet the needs of our clients," he says.

Cost control

On the dance of private bankers in recent years, López Casado believes that large entities are neglecting clients, who demand a more personalized service. "So much movement ends up having repercussions on clients, who are changing their team of bankers. Loyalty is being lost and that is why we develop very long-term relationships. And that means taking care of everything: service and proper processes. We are very careful with costs. There are products in Spain that are expensive and we believe they should be adjusted, because the cost is important for the client's profitability," he says.

Although for the moment they have started with three investment funds, the brokerage firm has in mind the launch of other products for this year, apart from having discretionary portfolio management and the advice and distribution of products from international firms, such as the boutique Nevastar, as other business avenues for the firm. "Internally we are always looking for new ideas and thinking about new products. That saying that restlessness is the basis for success defines us. We have to move. But we're not here to make 18% a year. We are 'boring', but a customer in our firm is going to be super-quiet, because prudence defines us. We don't have extravagant products. We manage smoothly because we like to sleep soundly at night," explains the president of Finaccess Value.