Spanish Fund Manager Parames Said to Leave Bestinver
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Francisco Garcia Parames, the Spanish fund manager who’s earned 16 percent annual returns over the past two decades, is leaving Bestinver Asset Management to start a new venture, according to a person with knowledge of his plans.
Parames spent 25 years at Bestinver, owned by Madrid-based Acciona SA, where he managed more than 7.5 billion euros ($9.6 billion) in Spanish and international stocks, said the person, who asked not to be named because the departure hasn’t been announced. His fund Bestinfond, which has 2 billion euros in assets, has returned 16 percent annually since inception in 1993, according to Bestinver’s website.