Meet the Team
The strength of our team is the foundation of our success
At mainSpring, we are proud to have assembled a talented and dedicated team of finance professionals who bring a wealth of experience and expertise to every project we undertake.
We are a highly collaborative team, with each member bringing their unique skills and perspectives to the table. Our team members are also passionate about helping clients achieve their goals and are committed to providing the highest level of service and results.
Cesar Goyache
Managing Partner & Founder
Juan Gortazar
Managing Partner
Cesar Goyache
Managing Partner & Founder
Juan Gortazar
Managing Partner
Bruno Díaz
Head of Securitisation
Juan Pablo Sánchez-Cano
Head of M&A
Vasco Jardim
Portugal Country Head
Bruno Díaz
Head of Securitisation
Juan Pablo Sánchez-Cano
Head of M&A
Vasco Jardim
Portugal Country Head
Ángeles Esquinas
Head of Operations
Felipe España
Associate
Beltrán Antoñanzas
Analyst
Ángeles Esquinas
Head of Operations
Felipe España
Associate
Beltrán Antoñanzas
Analyst
João Pereira Coutinho
Analyst
Julián Dorado
Analyst
Pablo Medina
Office Assistant
João Pereira Coutinho
Analyst
Julián Dorado
Analyst
Pablo Medina
Office Assistant
Cesar Goyache
Managing Partner & Founder
Cesar holds a degree in Applied Physics from the Universidad Autónoma de Madrid and a master’s degree in Nuclear Engineering from the Centro de Investigaciones Energéticas, Medioambientales y Tecnológicas (CIEMAT). MBA from the BBV School of Finance and Chartered Financial Analyst (CFA).
Cesar founded Mainspring Partners in 2014. He has 25 years of experience in securitization, financing, strategy, and restructuring at BBVA, CA-CIB, and Alvarez&Marsal. From 2015 to 2016 Cesar led the process of incorporation and start-up of Vall Banc within the resolution process of Banca Privada d’Andorra (BPA). Cesar has also served on the boards of directors of Asentia, AREB, Vall Banc, and Pagaralia.
mainSpring – Managing Partner & Founder
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- Strategic, operational and financial advisory to top management, BoD and shareholders for the transformation of companies and execution of critical projects.
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AREB (Agència Estatal de Resolució d’Entitats Bancàries) (Andorra) – CEO/Director (former)
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- Interim CEO with full responsibility in the design and implementation of the resolution plan of Banca Privada d’Andorra (“BPA”) and the incorporation of Vall Banc.
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VALL BANC (Andorra) – Chairman of the Board (former)
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- Executive Chairman of the Board, in connection with the role as CEO of AREB.
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GRUPO ASENTIA – Chairman of the Board / Director
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- Interim position for leading the carve-out and restructuring of the €1.4bn debt real estate company.
- Acting as Director since the closing of the full restructuring in May 2015.
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PAGARALIA (Gedesco Group) – Advisor to the Board of Directors
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- Advisor to the Board of Directors for the implementation of risk management standards. Pagaralia is part of the Gedesco Group, a leading company on working capital finance and promissory notes discount.
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ALVAREZ & MARSAL (Madrid) – Senior director
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- Operational and financial restructuring. Responsibility in operational and financial improvement.
- Financial and legal design of SAREB, the Spanish bad bank, advising the FROB along the negotiation process.
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CREDIT AGRICOLE Corporate and Investment Bank (London and Madrid) – Head of Distressed Assets / Executive Director, DCM
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- Responsible for the distressed asset investment activity and work-out in Spain (25% of the Spanish credit portfolio under management).
- Securitisation and Transitional Debt Finance. Set-up and development of the leading securitisation team in the Spanish market, specialised in value added banking structures for regulatory capital and ALM optimization.
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BBVA (Madrid) – Vice President
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- Debt Capital Markets. Leading primary markets deals (senior secure and unsecured debt, subordinated debt, preferred shares, structured notes, securitisation, syndicated loans and structured finance).
- Derivatives valuation and OTC structured strategies.
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INITIATIVE MEDIA (Madrid and Lisbon)
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- Executive Business development department. Iberia & LatAm.
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UNION FENOSA Ingeniería (UFISA)
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- Nuclear Modeling Departement. Nuclear Accident’s early detection and critical measures definitions.
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Juan Gortazar
Managing Partner
Juan has more than 25 years of experience in investment banking and has held a management role in an IBEX 35 company. He is a highly skilled banking and corporate professional with the experience and capabilities to successfully find and execute top-end solutions across all kinds of situations. Over the course of his professional career, he has helped c. 100+ companies and financial institutions to achieve their strategic and financial objectives.
He holds a degree in Business Administration from ICADE. In addition to his native Spanish, he is fluent in English and French.
Managing Partner
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- Advised a number of family owned/venture capital owned companies with financial distress vis a vis banking sector.
- Acted as Financial Advisors for US Venture Capital Fund (Growth); Currently also acting as Financial Advisor for a Spanish Venture Capital Fund in a Recap deal.
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VALL BANC (Andorra) – Member of the Board of Directors (former)
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- Participated in the turnaround and sale of BPA (Banca Privada de Andorra). Member of Board of Directors with AREB and JC Flowers after acquisition.
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GRUPO SACYR – GRoup CFO
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- Member of Group Chief Financial Officer, Member of Executive Committee, Risk Committee, Strategic Committee.
- Responsible for the Group´s Finance, Investor Relations, Financial Planning & Analysis department and internal (Chairman and Board of Directors) and external (markets and Spanish Market Regulator – CNMV) reporting, Tax and Administration.
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THE ROYAL BANK OF SCOTLAND (Madrid) – Relationship Manager / Head of Corporate Portfolio
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- Head of the Corporate Portfolio team in charge of Capital and Risk processes. As a consequence of the crisis, RBS had to substantially reduce its credit portfolio due to credit, capital consumption, and liquidity constrains. The corporate portfolio was reduced by over GBP2.0bn over a 3-4 year period via several action plans.
- Senior Corporate Banker: Iberdrola, Endesa, Repsol, Ence, Grifols, Antolin, Amadeus, Abengoa, Gas Natural Fenosa, Aguas de Barcelona, Gamesa, Cepsa, Isolux, Grupo Barceló. Management of extreme relationship situations with clients with exposures in both bad (restructuring) and good bank (normal commercial relationship).
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BBVA (Madrid) – Head of Structured Finance
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- Arranged c. 100+ SMEs credit transactions for Spanish SME´s and large corporates.
- Arranged securitisation transactions in the Electric Utility sector, future flow Securitisations for Petrobras and Autopistas Vasco Aragonesas, non-recourse (Acciona) and inventory deals (Grifols).
- Arranged ABS deals for BBVA’s balance sheet, including the first CLO structured in Spain with a Corporate Banking Book.
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J.P. MORGAN (London) – Structured Products / Associate
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- Participated in the structuring and placement of Mortgage Backed Securities for financial institutions such as Banco Santander, Compagnie Bancaire, Bancaja and Caixa Catalunya.
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DEUTSCHE BANK (Madrid) – Capital Markets / Credit Analyst
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- Participated in a number of transactions in Syndicated Loans, Project Finance and Export Finance business lines.
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Bruno Díaz
Head of Securitisation
With over 25 years of experience in securitisation and debt capital markets, Bruno brings a wealth of expertise that enables him to design and execute bespoke solutions for financial institutions and corporates, targeting funding and balance sheet management objectives. His international background includes working for issuers in Spain, Portugal, France, the Netherlands, and Germany, often contributing to inaugural securitisation transactions.
Bruno holds a degree in Economics with a specialization in Quantitative Analysis from Universidad Complutense (Madrid) and has completed the CFA Program Level III exam. Bruno is a native Spanish speaker and fluent in English, enhancing his ability to communicate effectively in multicultural environments.
Head of Securitisation
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- Management advisory and business plan execution of a € 250m NPLs and REOs portfolio in Andorra.
- Comprehensive assessment of the securitisation markets in Thailand, Vietnam, the Philippines, Kazakhstan, and the Economic Community of West African Countries for the World Bank and ICF (the World Bank Group).
- Structuring and execution of securitizations for funding and capital relief purposes.
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CREDIT AGRICOLE Corporate and Investment Bank ( Madrid and London)
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- Arranged over 50 securitisation transactions in Spain, Portugal, France, Germany and the Netherlands of mortgage, auto, SME, and consumer loans portfolios.
- Joint arranger and lead manager of the inaugural and following 3 additional issues of the Spanish Electric Tariff Deficit Securitisation (FADE) for a total amount of €7bn.
- Balance sheet deconsolidation of a €680mn Consumer Loan portfolio originated in the Netherlands
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BBVA (Madrid) – Structured Credit Analyst
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- Structuring and marketing of synthetic CDOs and structured credit products (CLNs, FTD baskets).
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Titulización de Activos SGFT (TdA) – Arranger and Analyst
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- Cash flow modelling, structuring and incorporation of single and multi-seller securitisation funds
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Juan Pablo Sánchez-Cano
Head of M&A
Juan Pablo has more than 25 years of experience in investment banking, financing, and corporate development roles. He has held positions in international investment banking and large IBEX-35 corporations. He has extensive experience in the energy, infrastructure, and renewables sectors, but also in various other such as industrials, telecoms, and mining.
Juan Pablo holds an MSc in Engineering from Universidad Politécnica de Madrid and an MBA from London Business School. He is a native Spanish speaker; bilingual in English and has basic knowledge of Portuguese.
Head of M&A
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- Advisory in M&A; Project & Export Finance; Structured Finance and Corporate Financing.
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NATURGY Energy Group / UNION FENOSA (Madrid)
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- Corporate and project financing. Closed some €1,500m of green financing for renewable brownfield and greenfield projects.
- M&A investment and divestment projects worldwide with over €1,000m in closed transactions. Worked in diverse sectors/technologies including renewables; gas and electricity distribution; LNG infrastructure; natural resources; fossil-fuel power generation; CO2 emission rights; real estate; telecoms and other.
- Led Commodities´ Trading Back Office with 30.000+ derivative/physical trades yearly. Settlement/clearing in OTC and Organized Markets´. Implemented EMIR and REMIT regulations.
- Financial planning for Unión Fenosa Group. Design of intragroup/external financing strategy; assessment of financing alternatives and financial risk management.
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Citi / Schroders – Corporate and Investment Banking (London and Madrid)
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- Origination and execution of M&A, financing, and capital markets transactions in various sectors (energy, utilities, infrastructure, telecoms, natural resources, etc).
- Advised in over €10bn transactions in Spain including Gas Natural SDG restructuring and IPO of Enagás; Hidroeléctrica del Cantábrico acquisition defense; National Power acquisition of 25% in Unión Fenosa Generación; E.ON Energie bid for Viesgo; renewable business strategies and other acquisition financing and monetization transactions.
- Privatized USD1,000m of LatAm electricity generation/transportation and water distribution companies.
- Project Finance advisor to US Ex-Im bank (e.g. Avantel-MCI USD1,000m telecom network in Mexico).
- Countries of origination and/or execution activity include USA, UK, Spain; Australia; China; Argentina, Brazil, Colombia, Chile, Bolivia and the Caribbean/Central America.
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NORSISTEMAS (Union Fenosa Group)
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- Electricity sector privatization/restructuring in Argentina and Slovak Republic.
- Organisational / IT turnaround for EdP in Portugal and UTE in Uruguay.
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Vasco Jardim
Portugal Country Head
Vasco holds a degree in managment from Universidade Católica de Lisboa.
With 25 years of Investment Banking experience in Global Financial Institutions, half of which abroad, Vasco held several key positions in leading investment banking institutions, both domestically and abroad.
During this time Vasco covered almost the entire spectrum of Investment Banking products and services both as product specialist as well as product sales. These include Head of Iberian Media and Technology Equity Research at Banco Espirito Santo de Investimentos, Director of Project Finance, Leveraged Finance and M&A in BBVA, and Senior Banker for Large Blue Chip Iberian Corporates at the Royal Bank of Scotland/ Natwest Markets, where he helped raise more than €40bn across multiple products.
Portugal Country Head
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- Strategic, Financial and operational advisory to top management, BoD and shareholders for the transformation of companies and execution of critical projects.
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Natwest Markets/Royal Bank of Scotland
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- Contributed to the successful launch of RBS in Portugal having later moved to Madrid as Head of the Portuguese Large Corporate clients as well as Senior Banker for the Spanish Utilities and Energy & Resources segment, raising more than 40bn across DCM (Senior Unsecured bonds, Hybrid bonds, Convertible bonds and USPP, in GBP, EUR and USD) and Loan Markets.
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BBVA Investment Banking
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- Director responsible for Project Finance, Leverage Finance and M&A.
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Banco Espírito Santo de Investimentos
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- Head of Iberian Media & Technology Equity Research, leading several IPOs in the Telco, IT and Media space.
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Felipe España
Associate
Felipe holds a degree in Business Administration from CUNEF and a master in Corporate Finance and Investment Banking from IEB.
During his career at the university and subsequently in the master, he has developed skills focusing on financial analysis, Business Valuation, Sector analysis, Capital Markets, Project Finance, M&A Transactions and Private Equity.
In addition to his native Spanish, he is fluent in English.
Associate
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- Advising on M&A, Debt transactions and Strategic solutions & Turnarounds.
- Advised several industrial companies/family owned/private equity.
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Ikaria Asesores Empresariales (Madrid) – Audit Assistant
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- Verified the sales figures of operators from numerous malls to detect differences between the declared amount of sales and the actual sales achieved: verification of the revenue bills, the accounting of the firm, the annual accounts, and the tax returns as well as the confirmation of the bank statements.
- As an audit assistant he was responsible for visiting the client; collecting and verifying the information; creating databases of audit clients; and finally producing a detailed report with conclusions.
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Diana Capital (Madrid) – Internship
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- Analyzed investment opportunities. Assistance in the elaboration of the investment memorandum for the Investment Committee. Preparation of market, strategic and industry peer analysis, financial models and review of due diligence documentation.
- Valuation analysis of companies including most common valuation methodologies: DCF, Transaction multiples and Trading multiples.
- Support in monitoring portfolio companies (Financial Statements evolution).
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Beltrán Antoñanzas
Analyst
Beltrán holds a degree in Business Administration from Universidad Pontificia de Comillas (ICADE).
During his career at the university, he has developed skills focusing on financial analysis, business valuations, market research, capital markets, risk management and modeling.
In addition to his native Spanish, he is fluent in English.
Analyst
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- Advising on M&A, Debt transactions and Strategic solutions & Turnarounds.
- Advised several industrial companies/family owned/private equity.
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Emptio Capital (Madrid) – Search Fund Analyst
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- Analyzed more than 5000 SMEs based on financial parameters (EBITDA, CAPEX, FCF…) and business study.
- Developed strategic analysis of companies based on their client portfolio, industry and competitive advantages.
- Contacted with SME owners in order to find investment opportunities.
- Developed financial models to study feasibility of potential transactions.
- Created a Commercial Due Diligence while monitoring Financial and Technical Due Diligence.
- Analyzed proposals in order to raise debt to carry out an LBO.
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Abante Asesores (Madrid) – Corporate Advisory Analyst – Intern
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- Conducted different market analysis and company valuations.
- Developed project presentations to find potential buyers.
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João Pereira Coutinho
Analyst
João holds a bachelor’s degree in Business Economics with Industrial Placement from University of Exeter and an International MSc in Finance with CEMS MIM.
During his education career, he has developed skills focusing on corporate finance, strategic financial analysis, applied economics for business, private equity, and financial modeling.
In addition to his native Portuguese, he is fluent in English and Spanish.
Analyst
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- Advising on M&A, Debt transactions and Strategic solutions & Turnarounds.
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Alantra (Madrid) – Financial Institutions Group (Internship)
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- Supported in the execution of numerous active mandates carrying out analysis of information, valuation of financial and real estate assets and assisted senior members on financial modelling.
- Assisted in the creation of marketing materials, including Kick-Offs, Teasers, and Information Memorandums.
- Supported in marketing initiatives such as market research and analysis of different industry verticals, preparation of market analysis, strategic and industry peer analysis, screening of potential targets / buyers, distressed asset.
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Alantra (Lisbon) – Credit Portfolio Analysis (Summer Internship)
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- Performed data validation on data tapes during the market sounding phase in the sell-side advisory of two REO portfolios.
- Participated in the construction of a data tape in the preparation phase of a sell-side advisory process of an REO portfolio.
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Algebra Capital (Lisbon) – Financial Trainee
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- Supported in the competitive process of NPL portfolio acquisitions, involving the individual financial analysis of top accounts, which lead to the acquisition of a portfolio worth €2 billion.
- Carried out market research and evaluated data on co-living/student housing business model in for shareholders to finance a private equity deal worth €23 million.
- Developed and optimized financial forecasts, accounts and models such as discounted cash flow models, for possible private equity deals and distressed debt opportunities.
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Julián Dorado
Analyst
Julián holds a dual bachelor’s degree in Politics, Law & Economics (PLE) and Law (LLB) from IE University. He also holds CFA’s Certificate in ESG Investing.
During his bachelor’s and professional experiences, he has developed skills focusing on financial analysis, capital markets, corporate law, and renewable energy commodities trading.
In addition to his native Spanish, he is fluent in English and Catalan.
Analyst
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- Advising on M&A, Debt transactions and Strategic solutions & Turnarounds.
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OTC Flow (Amsterdam) – Renewable Energy Commodities Trader
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- Analyzed market trends and conducted market research to provide daily pricing, liquidity, and offers to market actors.
- Engaged in high-volume outbound cold calling and emailing aimed at approaching potential leads to build its own client portfolio.
- Identified and executed trade opportunities while providing clients with sustainable solutions.
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Qualitas Funds (Madrid) – Private Equity Fund of Funds – Internship
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- Collaborated in due diligence processes and preparation of investment memorandums for the investment committee.
- Contacted clients with fundraising purposes and signed investment subscription agreements.
- Wrote and published newsletters for investors, plus supported in other front office tasks.
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Office Manager
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- Encompassing a wide range of managerial, accounting, administrative, and logistical tasks aimed at ensuring efficiency, organization, and compliance within the workplace.
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Ray Human Capital (Madrid) – Head of Administration Department
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- Overseeing and managing all administrative functions within the organization.
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Office Assistant
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- Providing support to the office manager with various administrative and accounting tasks.
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