Fonditel to undertake review
SPAIN - Fonditel, the pension fund manager for Spanish telecoms giant Telefónica, is reviewing ways it can reposition the firm in order to boost returns going forward.
In 2008, the fund lost 26.86%, according to local media reports. Fonditel runs €3.1bn (US$4.0bn) in assets, with 38% in equities, 14% in alternative and 48% in fixed income. Officials also announced they had a €7m exposure to the Ponzi scheme run by Bernard Madoff.
Martinez said directors at the firm could look at everything from its investment structure to personnel. He could not provide further details but said he expects the results of the review to be released in the next month.
He added: "Everybody wants to reduce risk but we don't want to lose returns."
Separately, Martinez denounced English-language media reports that chief investment officer Iñigo Colomo had resigned as false.
Martinez said: "He continues in his post."
He added that Fonditel does not run as a "star manager" organization where one person is solely responsible for investment decisions. He said it was unlikely Colomo would be pressured to resign over one poor year of performance after years in the top quartile.
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