From EAFI to manager: how and why?

From EAFI to manager: how and why?

Miguel Ángel Temprano, CEO of Orfeo Capital SGIIC explains the reasons why they decided to take EAF to the management company:

“Within the Spanish EAFIs there are two models, those that advise investment vehicles and those that advise individuals, whether they are natural or legal persons. We were among the first. We were not interested in advising any individual on how to set up their portfolio based on their particular situation. We just wanted to advise the vehicles where we as investors invested. Once this was done, we logically wanted to market these vehicles. Well, the law prevents you. inexplicably but it is.

If I have no relationship with Apple I can recommend that you only invest in Apple shares, but if I have interests in a Fund or another investment vehicle, because I am an active investor in it, I cannot recommend that you invest where I do.

We currently manage three SICAVs, and we are raising two new investment funds, which will logically end up cannibalizing two of the SICAVs under management ».

Orfeo Capital began as a family office, established as EAFI (Fiscal Advisory Company) between 2008 and 2018; At the time of taking the step to become a manager, the volume of assets under management was 70 million euros.


Source: Rankia 09-24-2019