With the process of integration of the brokerage firms Progresión and Global Securities, there are two large independent companies on the market, that is, they are not owned by a financial institution. The other is Acciones & Valores.
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Alexander González, president of Progresión, spoke with Portafolio about the process.
How was the integration between Progresión and Global Securities?
Progression has been going on for 15 years and began as an investment management company, with a strong base of funds. We started the process of strengthening private equity funds, since through these funds resources are channeled to the economy. One of the most important operations with funds was the acquisition of the sports club Envigado Fútbol Club, after it emerged from its legal problems. We met Global Securities, which managed alternative or non-traditional funds but had a broad client base.
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Aren’t you part of a financial group?
Something that motivates us is that Global Securities is also independent. Independent brokerage firms, which do not belong to any other establishment, have the obligation to objectively delve into the market, because we tell clients that there are more investment opportunities other than accounts or CDTs and that regulation has turned towards massification. Global did a great job in the Ecopetrol and Davivienda issues in which many ordinary investors bet.
What numbers are we talking about?
Global has been acquiring portfolios with almost 90,000 clients. We manage $1.8 billion and Global is entering with mass retail, and by integrating we will be more sustainable with 200 employees and offices in Cali and Medellín. There are investors in the regions and we have the infrastructure and we will operate under the Progesión brand with $3 billion in assets under management, 94,000 clients and 20 investment funds and soon another two in short-term leasing with the real estate operator Century 21 and another that identifies companies that have gone through difficult times but have business opportunities.
We offer clients 22 funds and that is why independents are important. In addition, for those who want to minimize risk in the country, we have the opportunity abroad and support in investment banking.
Portfolio Editorial
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