Manuel Cortés and Pablo Blanco join Alvarez & Marsal in Madrid

International consulting firm Alvarez & Marsal has added two new Managing Directors to its team in Spain: Manuel Cortés and Pablo Blanco.

Manuel Cortés brings more than 15 years of experience in valuations to the firm. He specialises in sale and purchase processes and preparing valuation and due diligence reports for companies, private equity funds, hedge funds, investment banks and other financial services companies.

At Alvarez & Marsal, Cortés leads the newly established Valuation & Business Modelling practice in Spain, which initially will focus on financial analysis for transactions, potential litigation issues and corporate valuation requirements.

Before joining Alvarez & Marsal, Cortés worked for PwC, where he worked on several high-profile reorganisations in Spain’s financial services sector. Prior to that, he was part of the Equity Research team at BBVA.

“Our new Valuation & Business Modelling offerings will help meet the growing need for regulatory requirements and heightened private equity activity. The compliments our lines of service and furthers expands our competitive position locally and internationally,” said Fernando de la Mora, Managing Director and Head of Alvarez & Marsal in Spain and Portugal.

Pablo Blanco meanwhile has joined Alvarez & Marsal’s powerhouse Restructuring & Turnaround practice. He brings over 20 years of domain experience to the consulting firm, with primary areas of concentration in operations and finance, debt, and mergers and acquisitions.

After spending five years with McKinsey & Company, Blanco joined private security company Prosegur, where he grew the ranks to become Chief Strategy Officer and Chief Executive Officer of the Alarms & Technology division. Blanco then spent six years as leader of Phoenix Recovery Management, a management firm set up by McKinsey and Alantra to actively manage the debt and equity stakes of the six largest Spanish banks.

Blanco most recently served as Chief Executive Officer of ArcelorMittal’s Tubular Products division in Germany and led its business turnaround.

At Alvarez & Marsal, Blanco will focus on restructuring engagements in the financial services industry and help clients capitalise on recent Spanish legislation allowing for more agile and flexible pre-insolvency procedures with a broader scope to promote restructuring at an earlier stage.

Julio Manero, a Managing Director at Alvarez & Marsal in Spain, said: “Pablo’s hire is opportune as new insolvency legislation in Spain is increasing demand for restructuring & turnaround services. His joining strengthens our ability to serve as and advise CROs, amidst a progressively complex landscape, with the goal of creating value and driving change.”

Earlier this year, Alvarez & Marsal significantly bolstered its team in Spain with the addition of a 60-strong team from EY and EY-Parthenon. The firm’s Spanish outfit operates out of capital city Madrid.