Spanish boutique azValor has flown in the face of industry fears of a Brexit-led London exodus by opening a representative office in the UK capital.
The Madrid-based asset manager established the non-regulated office in London’s West End to boost its research capabilities, increase capacity and expand its European reach.
It will be headed by Michael Alsalem, who joins from Ledbury Partners. He was formerly chief executive officer at the boutique and also oversaw its European long/short equity fund.
The new office will effectively be run by a parent company of the asset manager, called Inversiones azValor SL.
azValor was established in 2015 by former Bestinver fund managers Fernando Bernad Marrase and Alvaro Guzman de Lazaro. It was expected that their former colleague Francisco Parames would join them in late 2016, but he opted to launch his own boutique, Cobas AM.