doVALUE STRENGTHENS ITS LONG-TERM COMMITMENT TO ALTAMIRA AND APPOINTS ITS CEO, ANDREA MANGONI, AS THE NEW CHAIRMAN TO REPLACE JULIÁN NAVARRO

As from 1st October Andrea Mangoni, the CEO of doValue, will become the chairman of Altamira do Value Group (the brand under which Altamira Asset Management operates), replacing Julián Navarro who has decided to end this stage of his professional career after 8 years with Altamira doValue Group.

Andrea Mangoni’s appointment as the new chairman is part of doValue’s major commitment to Spain and Altamira’s position as the leading servicer on the Spanish market in terms of the volume of assets under its management, more than 45,000 million euros.

This change is also part of the orderly process which began in February when Francesc Noguera was designated CEO of Altamira to replace Julián Navarro. At the time, Julián Navarro gave up his executive responsibilities and became the non-executive chairman of Altamira, as well as the Market Strategy and Business Development Officer of doValue at group level.

The new chairman of Altamira and CEO of doValue, Andrea Mangoni, stressed in an internal communication to the more than 3,000 employees of the group “the recognition, on behalf of the whole group, of the work undertaken by Julián Navarro and the whole Altamira team to create the largest servicer in southern Europe, with total assets under its management of more than 160,000 million euros in five countries, as well as the implementation of Altamira’s Real Estate platform on all the markets where the Group operates”. “His leadership and contribution have been very important for the group”, he added.

In turn, Julián Navarro highlighted the strengths and abilities of the Altamira doValue Group team and wished them every success in the face of the new, more competitive environment in the servicers’ industry. “They have been exciting years with the best team on the Spanish and European market, but now it’s time to give way to a new strategic outlook and management at the company”, he asserted.

With this in mind, the new CEO of the Altamira doValue Group since February this year, Francesc Noguera, explained that the company is facing the challenge of transformation in order to strengthen its leadership on the Spanish market through growth.

“In recent months we have been working on an all-new strategy focused on transformation, innovation and growth in light of the new competitive environment and the shake-up facing the servicers’ industry in Spain and Europe”, asserted Francesc Noguera.

The clear leader on the Spanish market

Since December 2013, when Altamira became a company independent from its bank of origin, Santander, the company has developed a differential strategy on the Spanish market led by Julián Navarro, to become the leading servicer on the Spanish market.

Between 2013 and 2021 Altamira has evolved:

• From managing 25,000 million euros to attaining assets under its management for the sum of 45,000 million euros.
• From working with one single client, to working with the largest client base on the Spanish market: more than 20.
• From offering services to a single client segment to four: financial entities, entities with State participation, investment funds and real estate promoters.
• From having a workforce of more than 300 employees to exceeding 750 professionals.
• From operating on the Spanish market to entering new markets such as Portugal and Cyprus.

This was all compatible with meeting the financial objectives set by the shareholders year after year and the management of the transition from a project with a short/medium-term time horizon to a long-term industrial project, such as the one driven on by doValue since it acquired 85% of the company in June 2019.