Spanish investment boutique Bestinver, a subsidiary of Acciona, has closed the purchase of local peer Fidentiis.
The deal adds around €350m in assets under management to Bestinver’s €6bn portfolio.
Under the agreement, Bestinver acquired the brokerage, asset management, capital markets as well as mergers and acquisitions units of Fidentiis. It will continue its primary focus on asset management.
More than 80 Fidentiis professionals will move to Bestinver as part of the deal. Fidentiis’ 15 analysts cover more than 150 firms.
Apart from Spain, Fidentiis employees are based in Portugal and Italy.
Meanwhile, Bestinver CEO Beltran de la Lastra will now step down from his role.
A former JP Morgan banker, de la Lastra will be replaced at Bestinver by Enrique Pérez-Pla.
Pérez-Pla is the CEO of Fidentiis.
de la Lastra’s role as the CIO of Bestinver will be retained.
Commenting on the leadership change, de la Lastra noted: “After four years leading Bestinver, my place is now as CIO. It’s what I do best and where I add more value to Bestinver and all its investors.”
Additionally, Acciona independent director Sonia Dulá will now serve as the non-executive chairman of Bestinver.
Earlier, Dulá had stints at Bank of America Merrill Lynch and Goldman Sachs.