Produce for each investor the maximum performance available in the global financial markets without exceeding the risk willing to face.

Financial markets, with an ethical and professional management, are the best and safest source of patrimonial growth and protection of savings in the long term.

EXCELLENCE Pursuit of the highest quality on everything we do.

INTEGRITY Commitment with the most strict ethical and professional principales.

INDEPENDENCE Objectivity and coherence on investment selection.

Our work consists on valuing and measuring the risk to transform it in performance for or investors. We use talent, dedication and continuous research to achieve this transformation with a high grade of security.

With this philisophy and a deep macroeconomical analysis we search, without geographical limits and with the maximum exploitation of the efficient management techniques of the portfolios, the best investments for the budget of risk entrusted.

Investment opportunities change too much along the time. The philosophy in which we analyze them do not.

We like investing in companies with a high grwoth potential. The world develops faster and the disruptive innovations threat the traditional productive models. We invest in winning companies and we avoid loser companies no matter how cheap they seem to be.

Quality is not an investment style by itself since it can be applied to Value, Growth, Blended or any other investment style. Quality is a methodology analysis and decision making which seeks to maximize the investments´security avoiding surprises and judgement errors. We have developed a structured methodology which enables to valuate the investments through a succession of demonstrated growth matrices and risk factors which minimize the possibility of suffer irreversible losses of capital in our investments.

The hedges are instruments and control techniques and reduction of financial risk which we use in portfolios and funds to limit the fall with independence of the financial active in which we invest. Thus, we can achieve less risk in a portfolio which invests in equity hedged than a traditional portfolio unhedged of bonds.

our history

Altex is founded in 2003 with the objective of offering to institutionals and private investors a service of investment management based on excellence, integrity and independence. From those values, the founding partners bring together an experienced management team since 1995 in the main investment areas (portfolio management, investment funds, venture capital and investment banking). In 2007, the Investment Manager of Institutional Investments Altex Partners Gestión is constituted (inscribed in CNMV with the number 215). Nowadays, we provide services of IIC Management, Discretionary Management of Portfolios and Personalized Advisory of Investments.

Along the time we have been perfecting the investment techniques and control risk always with an absolute performance objective with independence of th market evolution. The risk limits are marked by investors. Since our origins, we have maintained our independence and flexibility in management so we can adapt to changes and take advantage of the best opportunities that the market provides us within the risk each investor can assume.

We are flexible and open but we are strict in one thing:

“We just invest on which its risk we can control or reduce significantly at our discretion”



Bachelor in Law and Economics by the University of Barcelona. MBA in INSEAD. 11 years’ experience in Investment Banking in JP Morgan in NY, London, Brussels and Madrid. Founder of SBC (currently, UBS) in Spain. Co-manager of the Investment Banking Division for Europe in BZW (currently, CSFB). Director-General Manager of Inditex (Zara). In 1999, founded Artscapital, a company specializing in the technological sector. European Private Equity Award in 2004 for the sale of Kelkoo to Yahoo. Founded Altex in 2003. Chairman of the Board of Directors of Altex, Amarit, Alta Hospitality and Tamarit. Member of the Board of Directors of Sigma Fund and Alta Urbana.


BS/MS in Telecommunication Engineering at Universidad Politécnica de Madrid and Executive MBA, graduated with honors from Instituto de Empresa de Madrid. 4 years in technology investigation projects of stocastic series analysis financed by EEC. 7 years at Ericsson Group. Proposal Manager for business development for Spain and Portugal. Joined Altex Partners in 2007. 11 years investment experience in absolute return multi-asset strategies. Currently, General Manager and CIO. Partner and member of the Board of Directors of Altex.


Graduated in Law and Business Administration at ICADE. Over 25 years experience in financial markets, including 7 years in the Treasurers Office of General Motors in NY and Madrid, 3 years as Finance Director of Midland Bank in Spain, 3 years as CIO of The Prudential Insurance Company of America in Spain, 2 years as General Manager of the joint venture that Bankers Trust had with INI in the Spanish fund management business, 8 years as CIO of Fincorp Finanzas Corporativas SA and 1 year as General Manager of Fincorp Gestión SA. Board member of Altex and Sigma Fund SICAV.



We manage investment vehicles both for own strategies and third parties in Spain and Luxembourg. As investment manager of IIC we are responsible of the constitution, management and control of investment risk, vehicle administration abd distribution of investors. Depending on the vehicle needs, we negociate the best conditions to delegate the most specialized activities in the most solvent fiancial entities and with better operational quality.


The investor delegates in Altex the investment decision taking which will have to adjust to the mandate and agreed risk profile.
At the same time Altex ensures the correct execution of the orders and defends the investor interest along all the investment life.


Altex issue personalized recommendations adapted to the objectives and investor profile. In this case, the investor is the one who makes decisions, with the support of Altex of following and monitorizing the correct execution of the order and later evolution of the investment.


  1. Set performance objectives, risk, liquidity, temporal horizon and financial needs with the investor.
  2. Portfolio design and definition of the investment strategy
  3. Scenario analysis and resistance test along the cycle
  4. Asset allocation and strategy implementation
  5. Daily follow up of the asset evolution and dynamic management of risk


Investors have a detailed information of the portfolio and the costs associated to each investment.
Altex´s team is available to the investor to guarantee that he has all the information that he needs, at the moment he needs.