Executive Team & Board Members
Chairman and founder of Trea Capital in 2006 after selling FIBANC, a bank he founded in 1983, to the Mediolanum Group. He has been the President of the Economic Circle and a member of the Board of Directors and investment committees of international groups like 3i, Rothschild (Iberian Private Equity Fund) and Worms (Sicav Europa). He is currently the chair of Banco Mediolanum in Spain and a board member in Italy, as well as of several listed companies. He is the president EFPA Spain (European Financial Planning Association) and the vice-president of INVERCO (Spanish Association of Investment and Pension Funds). He is a member of the Spanish Institute of Financial Analysts. He earned a PhD cum laude in Economics and Business from the University of Barcelona.
Vice-chairman and CEO of Trea since he joined it in 2013. He is also the founder of Black Toro Capital, which focuses on investing in the stabilization and growth of companies in Spain through Black Toro Capital funds. After 5 years on the PE team at Credit Suisse, MatlinPaterson was created in 2000 as a spin-off, in which he was a partner and came to manage more than $9 billion. In the past 18 years, he has invested in and sat on the boards of numerous international companies, both private and listed, in the USA and Europe. He earned an MBA summa cum laude from the Instituto de Empresa (IE), where he is currently a member of the International Advisory Board, and he has a Bachelor’s degree from the Business College of Deusto.
The founder of Gresham Global LLC, an asset management consultancy. He joined Trea Asset Management as CEO and CIO after 25 years of international experience in asset management. He spent nine years as the CEO of EIM USA and as the Global Head of Research in the group, where the AUM grew from $2 billion to $15 billion. Previously, he had been a senior manager at EM Debt and HY Europeo at Fischer Francis (FFTW) in New York and BNP Paribas Asset Management in London. He has also worked as a proprietary trader at LatInvest and JP Morgan in London. He has an MS in Finance from the London Business School and a PhD from the University of Michigan.
Other Board Members
President Lovell Minnick
Steven C. Pierson joined LMP in 2016 as the Chair of the Philadelphia Office after coming from UBS, where he had been the Head FIG Investment Banking for the Americas and Global Head of Financial Technology & Services. He has been an Investment Committee Member for FinTech Strategies. Prior to joining UBS in 2013, he was Vice-Chairman and Co-Head of FIG Investment Banking for the Americas at Credit Suisse. He began his professional career in investing banking at Putman Lovell Securities in 1995, where he became the Head of the Investing Banking Division.
He is a member of the Board of Directors of Engage People, Inc. He has an MBA from the Fuqua School at Duke University and a Bachelor’s in Finance and Management from Virginia Tech.
Principal Lovell Minnick
Desai joined LMP’s Radnor branch as a Partner in November 2006 and rejoined the firm in June 2012 as a Senior Partner after a two-year break to earn an MBA. He was appointed Director in 2018. Before joining LMP, Desai was an analyst at Cambridge International Partners Inc., a boutique investment bank which provides consulting services on mergers and acquisitions in the financial services industry.
Desai earned his MBA from the Ross School of Business at the University of Michigan and has a Bachelor’s in Business Administration from the Boston University School of Management.
Independent Board Member
He has been a partner at the Madrid office of Crowe Horwath Tax & Legal since April 2017, and before that he was the General Secretary of Banco Madrid, SA, leading its corporate development and taking responsibility for different broker and fund managers acquisitions, including Interdin Gestión, Nordkapp Gestión, Liberbank Gestión and BMN Gestión. This strategy made the bank a benchmark in the world of asset management, reaching €6.5 billion and more than 100 funds managed. He has been the CEO of Interdin Gestión since he joined it in 2002. He started his career in 1997 as a lawyer at Squire, Sanders & Dempsey. He has a Bachelor’s and Master’s of Law from Washington University and a Master’s in Corporate Finance and Investment Banking from the Instituto de Estudios Bursátiles (IEB).
Independent Board Member
Soler is the General Manager of the Institute of Financial Studies (IEF) in Barcelona, the President and founder of the European Financial Planning Association (EFPA Europe), an independent advisor, and a board member of Mediolanum Gestión SGIIC, Mediolanum Pensiones and the real estate firm FIPRORE, S.A. He was previously the CEO of Databolsa S.A., Sales Director at the Stock Exchange of Barcelona and Senior Consultant at the US Department of Commerce. In Europe, he has participated in and founded numerous institutions and associations in the financial, education and political sectors. Soler has a Bachelor’s in Economics from the University of Barcelona, and MBA from ESADE Business School and a Research Diploma from LSE.
Eduardo Aguilar has a degree in Economics from the Complutense University of Madrid and is a State Economist and Trade Expert. During his career, he held senior positions in the Spanish government between 1984 and 1997, at the Directorate General of the Treasury and Financial Policy, at the Directorate General of Insurance, and at the National Energy Commission. He was also the General Manager of Business Banking at BNP Paribas between 1998 and 2016. He has also been on several boards of directors in private and public companies. He is currently a board member of Sareb and Lyntia. He is also a board member in different media outlets, including Capital Radio.
Alfonso de Gregorio
He joined TREA AM in late November 2017 as the Head of Equity and head of Spanish Equity. He was previously at Gesconsult for 14 years. Since 2004, he has been the Head of Management and won several awards in recognition for his successful management. He earned the 2012 Citywire Prize for Best Equity Manager in Europe. Prior to that, he worked at PWC. He has a Bachelor’s in Economics from the University of Salamanca, and he spent the last year of his degree at the Catholic University of Louvain (Belgium). He has a Master’s in Business from the Instituto de Empresa, Madrid, with a specialty in Business Creation.
Head, European Equity
Brun joined Trea AM in September 2018; in the past 7 years he has been the Director of Management and a manager of European equity funds at Solventis SGIIC. This year, Xavier Brun was named in the Extel survey that recognizes the top professionals in the European management industry. He has a PhD cum laude in Economics from the University of Barcelona and a Bachelor’s and diploma in Business Administration from Pompeu Fabra University (UPF), along with a Master’s in Banking and Finance from the Barcelona School of Management at the UPF. He currently combines his work as a manager with serving as the director of the University Master’s in Financial Markets at Pompeu Fabra University.
Senior Portfolio Manager, Spanish Equities
She joined TREA AM in late November 2017 as the Co-Manager of Spanish Equity Funds along with Alfonso de Gregorio. She was previously at Gesconsult, where she was a member of the management team for the previous 12 years. In 2004, she joined as a Spanish equity analyst and was later put in charge of the Spanish Equities analysis team. In 2009, she began to manage the Gesconsult Crecimiento European fund (A/+ rating from Citywire in August/September 2013). She has a Bachelor’s in Business Administration from the University of Córdoba and a Master’s in Finance from the Universidad Pontificia de Comillas (ICADE) in Madrid.
Fixed Income & Credit
Head, Fixed Income
She began her career in the M&A department at Merchbanc and later worked in Asset Management. She has been in charge of fixed income at TREA since 2010 and previously at Ges Fibanc since 2000 alongside Carlos Tusquets. She holds a Bachelor’s in Business Administration from the Business College of Deusto and an MBA from IESE.
Senior Portfolio Manager, Fixed Income
Before joining Trea, he was in charge of fixed income at Catalunya Caixa Inversió, where he started in 2006. He has a Bachelor’s in Economics and Actuarial Sciences from the University of Barcelona. He is a Certified International Investment Analyst (CIIA).
PM/Senior Analyst, EM
Armengol currently works as an analyst and manager of emerging markets fixed income for both 3G Credit Opportunities and Mediolanum Emerging Markets and Trea Emerging Income. He has a Bachelor’s in Business Administration from the University of Barcelona (2011) and a Master’s in Finance from the Institute of Financial Studies (IEF). He is a Certified International Investment Analyst (CIIA). He is a member of the Spanish Institute of Financial Analysts.
Head, Asset Allocation
Ricardo Gil joined Trea AM in 2014. He was previously in management at Bankinter, working as a Director of Fund and Pension Investments, a senior fund manager (equity and mixed). From 2006 to 2011, he was a member of the BK Kilimanjaro fund, one of the longest-standing absolute return funds in Spain (A rating from Citywire). Previously, from 1996 to 2003 he was at Renta4, where he directly oversaw the RV Spanish and European funds and earned the Lipper and Morningstar funds. He holds a degree in Business from the University of Zaragoza and is a Certified European Financial Analyst from the Spanish Institute of Financial Analysts.
Director, Funds of Funds
Before joining TREA AM as a fund selector, Tusquets worked in the sales department of Fira de Barcelona, in the investment fund department at Fibanc, and in the marketing department of 3i in London. Tusquets has a Bachelor’s in Business Administration and Marketing from the Polytechnic University of Barcelona.
Head, Equity Research
Bobo has more than 22 years of experience as a sell-side analyst covering a wide range of sectors, including IT, Healthcare, Oil, Media, Telecoms, Retail, Construction and Utilities, as well as different small-mid caps. She is one of the most highly rated analysts in the Spanish market according to the Extel and Starmine Thomson Reuters surveys. She began her career at AB Asesores (acquired by Morgan Stanley) and also worked at Ahorro Corporación, Banco Santander, Fortis and Kepler Cheuvreux, where she has spent the past 14 years. She has a Bachelor’s in Business Administration from CUNEF (Madrid) with a specialization in Finances.
Senior Equity Analyst
Tristán has 20 years of experience as a sell-side analyst covering different sectors in Spain, including Travel & Leisure, Food & Beverage, Tobacco, Retail, Motorways and Logistics, as well as different small-mid caps. She is a highly rated analyst according to the RQ and Extel surveys. She began her career at Beta Capital in 1997 (acquired by Fortis Bank) and joined JB Capital Markets in May 2006, where she has been for the past 11 years. She has a Bachelor’s in Business and Economics from the University of Navarra and a post-graduate degree in Finance from the Institute of Financial Analysts (CEFA).
Sonia Ruíz de Garibay
Senior Equity Analyst
Ruíz has almost 20 years of experience. She began her career as an auditor in the energy industry at Deloitte and later joined the Equity Research team at Bestinver. In 2001, she joined Caja Madrid Bolsa (today GVC Gaesco Beka) as a sell-side analyst, where he has remained for the past 16 years. She specializes in sectors like Utilities, Oil, Tourism and Airlines. She was repeatedly rated among the leading analysts in the Iberian market by StarmineThomson Reuters between 2010 and 2016. She has a Bachelor’s in Business Administration and Law from the Universidad Pontificia de Comillas-ICADE (E-3) in Madrid.
Senior Equity Analyst
Borràs has almost 20 years of experience. In the past 20 years, he has held different positions in the Strategic Investment Advisors Group in Barcelona, Geneva and Zurich. Borràs coordinated a team of 12 analysts as the Director of Research while serving as an Investment Committee Member. He has covered a wide range of sectors globally, including Metals & Mining, Capital Goods and Autos & Parts. He has an Executive MBA from the Instituto de Empresa, a PhD in Electrical and Computer Engineering from Rutgers University (USA) and a degree in Telecommunications Engineering from the Polytechnic University of Catalonia.
He joined the Trea AM team in April 2016. He has a Bachelor’s in Business Administration from the Open University of Catalonia and a Diploma in Business from the University of Lleida. He has a Master’s in Finances from the Institute of Financial Studies. He began his career in 2008 at Caixa Manresa (later Catalunya Caixa), where he worked as a fund and SICAV manager. In 2012, he joined Caja de Ingenieros Gestión, where he started managing the Iberian fund, the Caja Ingenieros Iberian Equity fund and the investment fund and global pension plan, Caja Ingenieros Global and Caja Ingenieros Multigestión (Citywire +/A, December 2015-April 2016).
Before joining Trea as a European Equity Analyst, Kher’s career was in strategic consulting. He has a degree in Industrial Engineering from Instituto Químico de Sarriá (Ramon Llull University). He also holds a Master’s in Global Entrepreneurial Management from San Francisco University and another Master’s in Financial Markets from the University of Barcelona. He is a candidate for the Level III CFA and a member of the CFA Society of Spain.
Fixed Income & Credit
Senior Credit Analyst
With more than 15 years of experience in fixed income markets, Martí began his career in Madrid by working on RMBS securitizations. In 2005, he went to London to work at Fitch Ratings as an MBS credit a, master trust and covered bonds nalystfor the European market. Before joining Trea AM, he was at BBVA in the Financial Institution Bonds market team both covering analysis and supporting the management firm. He has a dual degree in Business Administration and Economics from University Carlos III of Madrid and furthered his education at Maastricht University (Netherlands).
Senior Credit Analyst
Mata started his career in London in 2005 as a European high yield analyst at Pall Mall Investment Management, Brookfield Investment Management and UBS.
In 2013, he returned to Spain to work at JB Capital Markets, where he set up the trading table for European high yield. He holds a Bachelor’s in Business Administration from the University of Granada He is a CFS Charterholder.
Services & Business Development
Head, Business Development & Investor Relations
López joined Trea AM in September 2018. She previously worked in the international management company Schroders for 15 years as an account manager and head of relations with institutional and retail customers. She started her career in the investment fund industry at Allfunds Bank, where she worked in product development and marketing. López holds a Bachelor’s in Business Administration from Richmond, the American International University in London. She also has a Master’s in Financial Markets and Banking from the University Carlos V in Madrid (UAM).
Director, Investment Relations
He holds a Master’s in Finance from the Institute of Financial Studies (IEF). CEFA, EFA and European Financial Planner. Member of the EFPA and the Spanish Institute of Financial Analysts. He is a guest scholar at the IEF. He is a member of the Board of Directors of the Spanish Institute of Financial Analysts. He has previous experience in capital markets at BBVA and in private banking at Caixa Catalunya. He joined Trea in 2010 as an analyst.
Poquet has a Master’s in Finance from the London School of Economics and holds a Bachelor’s magnum cum laude from the University of North Carolina. She has almost seven years of experience at Bloomberg in both the United States and London, where she began as an equities analyst and later joined the sales department, where she primarily covered the buy-side in Spain.
Sergio López de Uralde
Sergio López de Uralde holds a Bachelor’s in Law and a Master’s in Stock Markets and Financial Markets from the Institute for Market Studies (IEB), along with an Advanced Program in Company Valuation also from the IEB. López began his career as an analyst and investment fund selector at MdF Family Partners, an international multi-family office focused on UHNWI. He joined Trea in 2017 as the Head of Investor Relations.
Head, Marketing & Communication
Muñoz joined Trea Asset Management in 2019. He has worked at Deloitte and KPMG in Communication, Branding and Business Development. He has extensive training in marketing and digital markets, along with a post-graduate degree in Marketing and Business from the Novancia Business School of Paris, a Master’s in Marketing and Sales from ESADE, and a certificate in Digital Marketing from Santa Clara University in Silicon Valley. He graduated in Marketing and Sales Management from the Chamber of Commerce of Madrid.
He holds a Bachelor’s in Economics and Business Administration and an MBA from EADA, along with a Diploma in Business. Business. He has an extensive career in the financial sector, where he has worked in several firms as a board member/executive/advisor. From 1992 to 2007, he worked at Winterthur and AXA as the head of different departments, such as Director of Fund and Pension Plan Management and the Pension Supply Area. He is a member of the Institute of Financial Analysts and the Institute of Internal Auditors. He is an associate professor at business schools.
López recently joined Trea as the CFO of Trea Asset Management. López is a professional with more than 11 years of experience in the field of auditing, where he has managed projects in listed companies and private capital. He worked in the PwC office in New York for two and a half years. Throughout this entire time, López has developed management skills in multinational projects, led high-performance teams and gained experience in technical accounting areas like NIIF, US GAAP and SOX (Act section 404). López holds a Bachelor’s in Economics and a Master’s in Accounting and Auditing from the University of Barcelona.
Head, Legal & Compliance
Zozaya holds a Bachelor’s in Law and is certified as a Corporate Legal Advisor from the Universidad Pontificia Comillas (ICADE) (E-1). She began her career at Freshfields Bruckhaus Deringer, where she worked for almost 6 years as an M&A associate in major multi-jurisdictional and domestic operations. After her experience in the international office, she joined CaixaBank to launch the bank’s regulatory compliance office. She later led the bank’s international business legal practice. Zozaya also has experience in corporate social responsibility after being in charge of projects in the bank’s CSR team.
López-Liz has a degree in Law from the University of Barcelona, along with two Master’s degrees: (i) DJCE Juriste Conseil d’Entreprise from the University of Poitiers and (ii) Tax Law in CEF and post-graduate degree from ESADE. She has been a member of the Barcelona Bar Association since 1995. Before joining TREA, López-Liz worked in law firms like Garrigues and Roca Junyent for 14 years and in the legal department of a bank for 9, where she was in charge of investee and subsidiary companies.
He holds a Bachelor’s in Law and a Master’s in Taxation from the Autonomous University of Barcelona. He has more than 15 years of experience in the financial and collective investment sector and has worked in entities like Banco Mediolanum (Fibanc) and the management offices of Caixa Penedès, Banco Mare Nostrum and Banco Madrid. He has worked in the areas of treasury desk, control, regulatory compliance and risk management. He joined Trea in 2015 as the Head of the Operations Department.
Head, Risk Management
He holds a Bachelor’s in Business Administration (UNS-Buenos Aires). He earned a Master’s in Financial Markets from IDEC-UPF. Advanced Program in Financial Derivatives from the Institute of Financial Studies (IEF). Specialization Program in Risk Control and Bank Regulation from the Institute for Market Studies (IEB). He has more than 15 years of experience in the middle office, control and regulatory compliance and risk management departments at GesFibanc and Caixa Catalunya. Before joining TREA, he worked with Caixabank Asset Management in the area of risks and validation.