Famed value investor Francisco Paramés' planned exit from asset management group Bestinver will have a major short-term impact on the Madrid-based group, according to members of the Spanish fund selection community.

The fund manager, known as the ‘Spanish Warren Buffett’, announced plans to leave the firm yesterday and while details of his next venture remain closely guarded, fund professionals and investors canvassed by Citywire Global have said Paramés will be a huge loss for the group.