Our history began nearly 30 years ago. Theirs began in 1886
In 2026 the University of Deusto turns 140, and Deusto Business School and the Fundación Vizcaína Aguirre, which brought it to life, turns 110. As the oldest university investment club in Spain, we are proud to have grown up inside these institutions, and to carry part of their legacy into the markets every week
Theory was not enough
In the late nineties, a small group of Deusto Business School students began meeting after class to understand how the stock market really worker. They had newspapers, chalkboard, and a great passion fo finance. There were no trading apps, no smartphones, and no social media
Since then the Club has lived through the dot-com bubble, the 2008 financial crisis, and the ups and downs after the pandemic. Chalkboards have given way to Bloomberg terminals, but the essence is the same: students teaching students, with the same enthusiams as on the first day
Learning by doing, since 1916
When La Comercial opened in 1916, its heart was «The Desk»: an 800 m2 replica of a trading floor, with banks, mines, shipping companies, and its own stock exchange. Students created and ran every one of them, putting each lesson into practice under their professors’ eye
More than eighty years later, three of its students picked up the same idea, this time with a real portfolio. Every week, the Club keeps that spirit alive
«…while their shares are quoted on the Stock Exchange and pass from hand to hand.»
Fr Luis Chalbaud SJ, describing The Desk in La Comercial’s inaugural adress, October 2nd, 1916.
140 years in the making
The Club’s milestones, woven together with those of the University and the business school that made it posible
Foundations 1886 – 1997
1886
UNIVERSITY OF DEUSTO
The University of Deusto opens in Bilbao with 115 students.
1916
DEUSTO BUSINESS SCHOOL
Pedro de Icaza Aguirre creates the Fundación Vizcaína Aguirre and, with the Jesuit Fr Luis Chalbaud, founds the Business School of Deusto, «La Comercial». Its first courses open on Octuber 2nd, 17 years before Spain’s first official faculty of economics
1922
DEUSTO BUSINESS SCHOOL
The first economics graduates in Spain found their alumni association, led by the founder’s son, Pedro de Icaza Gangoiti. Today it is Deusto Business Alumni.
1956
DEUSTO BUSINESS SCHOOL
ESTE, the business school of San Sebastian, is founded.
1963
UNIVERSITY OF DEUSTO
The Spanish Goverment officially recognises the University tittles
The Club is born 1998 – 2007
1998
DEUSTO INVESTMENT CLUB
Three Deusto Business School students, Aritza Rodero, Kevin Rodríguez-Patterson, and Javier Onzain, found the first university investment club in Spain.
1999
DEUSTO INVESTMENT CLUB
In November the Club’s portfolio makes its first investments: the start of a track record that now spans more than 26 years
2006
DEUSTO INVESTMENT CLUB
The best year on record: the portfolio returns +26.6%
2008
DEUSTO INVESTMENT CLUB
The financial crisis puts the Club to the test. Its maximum drawdown, −34.9%, stays well below the IBEX’s, of around −52%, and the crisis becomes a live case study for every member
2009
DEUSTO BUSINESS SCHOOL
La Comercial and ESTE merge to form Deusto Business School, with campuses in Bilbao and San Sebastian
Growing up 2010 – 2024
2016
DEUSTO BUSINESS SCHOOL
Deusto Business School and the Fundación Vizcaína Aguirre celebrate their centenaries together, at the Pedro de Icaza Auditorium
2019
DEUSTO INVESTMENT CLUB | THE 20TH ANIVERSARY
The financial crisis puts the Club to the test. Its maximum drawdown, −34.9%, stays well below the IBEX’s, of around −52%, and the crisis becomes a live case study for every member
2021
DEUSTO BUSINESS SCHOOL
Deusto Business School earns AACSB and AMBA international accreditation.
2023
DEUSTO INVESTMENT CLUB | THE 25TH ANIVERSARY
Antón Arriola, Chairman of Kutxabank, gives the keynote before 230 guests in the Main Auditorium
A new era 2025 – TODAY
2025
DEUSTO INVESTMENT CLUB
A new brand identity, a new website, and a dedicated Portfolio Strategy team. The Club starts to work like a real investment firm
2026
DEUSTO INVESTMENT CLUB
Beyond our borders
First European positions
In February, L’Oréal becomes the Club’s first international holding, followed by Siemens Energy in March
Partnership with Azalor
Our analysts pitch investment theses to Azvalor for a dedicated portfolio of around €100,000
An international network
Alliances with university investment clubs abroad for joint talks, colloquia, and debates
Spain Investment Competition
The Club participates in a nationwide investment competition for university students in Spain
2026
The university of Deusto turns 140 and Deusto Business School turns 110
And the Club reaches 400 active members, the most in its history. Proud to belong.
Every Board since 1998
Since 1998, third-, fourth-, and fifth-year students have led the Club from the Board
Founders
ARITZA RODERO
PRESIDENT
Atitlan
JAVIER ONZAIN
TREASURER
Solarparck
KEVIN
RODRIGUEZ-PATTERSON
SECRETARY
Goldman Sachs
1999 Board
ALEJANDRA GARRIDO
PRESIDENT
Partage 44
JOANA CASTRESANA
TREASURER
IKER ARTEAGABEITIA
SECRETARY
Oliver Wyman
2000 Board
NAIARA IRASTORZA
PRESIDENT
Lord Abbett
MAITE BERMEJO
TREASURER
Siemenes Gamesa
JON RECACOECHEA
SECRETARY
Fineco
2001 Board
ROBERTO TABOADA
PRESIDENT
Altamira Asset Management
GORKA LUELMO
TREASURER
Deloitte
URTZI MURGA
SECRETARY
Kutxabank
2002 Board
ÓSCAR TUDURI
PRESIDENT
Goriz Advisors
FRANCISCO JAVIER BARCELONA
TREASURER
RUBÉN BECERRIL
SECRETARY
Santander CIB
2003 Board
GUSTAVO ALONSO
PRESIDENTENT
Santander CIB
RAQUEL RUIZ
TREASURER
Tubacex
IZASKUN SARACHO
SECRETARY
2004 Board
MAITANE
DE FRANCISCO
PRESIDENT
IKER GOÑI
TREASURER
IZASKUN SARACHO
SECRETARY
2005 Board
Mª DE LEIRE OLIVARES
PRESIDENT
CarVal Investors
PALOMA
SAN ILDEFONSO
TREASURER
Bodegas Sobreño
RAQUEL PELÁEZ
SECRETARY
Linea Directa
2006 Board
BORJA BARRAGÁN
PRESIDENT
Whitepeak Advisors
CARLOS ALVARADO
VICEPRESIDENT
Arteche
IRATI CABELLO
TREASURER
GSK
BELÉN DE MAURICIO
SECRETARY
Kaiku
2007 Board
CARLOS GIL
PRESIDENT
Procter & Gamble
TOMÁS CHÁVARRI
TREASURER
KPMG
GERARDO A. METOLA
SECRETARY
MN8 Energy
2008 Board
RAUL GARCÍA
PRESIDENT
JAIME LIZARRAGA
TREASURER
Oliver Wyman
JUAN BLAS BARBED
SECRETARY
2009 Board
ASIER FERNÁNDEZ
PRESIDENT
Nortegas
ANTONIO FRANQUEIRA
TREASURER
Fintonic
IGNACIO MAORTUA
SECRETARY
Onivia
2010 Board
IGNACIO MAORTUA
PRESIDENT
Onivia
BEATRIZ IBARRONDO
TREASURER
Norgestion
SANTIAGO VILLAR
SECRETARY
PwC
2011 Board
JOANA CANDINA
PRESIDENT
McKinsey & Company
IÑIGO DIARTE
TREASURER
EY
GUILLERMO LECANDA
SECRETARY
2012 Board
ÍÑIGO DIARTE
PRESIDENT
EY
JAIME HERNANI
TREASURER
KPMG
IKER BALLESTERO
SECRETARY
Moody’s Ratings
2013 Board
XABIER BERASATEGUI
PRESIDENT
Strategic Value Partners
IGNACIO LACASTA
TREASURER
Morgan Stanley
ÍÑIGO DE LA FUENTE
SECRETARY
2014 Board
XABIER BERASATEGUI
PRESIDENT
Strategic Value Partners
IGNACIO LACASTA
TREASURER
Morgan Stanley
IÑIGO DE LA FUENTE
SECRETARY
2015 Board
DAVID CHOU ZHANG
PRESIDENT
Advanta Global
GARBIÑE UNDA
TREASURER
Infranity
JAVIER LACASTA
SECRETARY
Monitor Deloitte
2016 Board
DAVID CHOU ZHANG
PRESIDENT
Advanta Global
AITOR ÁLVAREZ
TREASURER
Monitor Deloitte
DIEGO A. CASTRESANA
SECRETARY
McKinsey & Company
2017 Board
DIEGO A. CASTRESANA
PRESIDENT
McKinsey & Company
PABLO DEPRIT
TREASURER
UBS
DAVID GANDARILLAS
SECRETARY
Oliver Wyman
2018 Board
PABLO DEPRIT
PRESIDENT
UBS
CÉSAR CLAVER
VICEPRESIDENT
Albia IMAP M&A
SOFÍA BURGUILLO
TREASURER
Blackstone
DAVID GANDARILLAS
SECRETARY
Oliver Wyman
2019 Board
CÉSAR CLAVER
PRESIDENT
Albia IMAP M&A
MANUEL SENDAGORTA
VICEPRESIDENT
Altamar CAM
JON IRIONDO
TREASURER
Titan World Series
DAVID GARANDILLAS
SECRETARY
Oliver Wyman
2020 Board
JON IRIONDO
PRESIDENT
Titan World Series
MANUEL SENDAGORTA
VICEPRESIDENT
Altamar CAM
DIEGO ARTÁZCOZ
TREASURER
JP Morgan
LOREA BERECIARTUA
SECRETARY
JP Morgan
2021 Board
LOREA BERECIARTUA
PRESIDENT
JP Morgan
ANE AYANI
VICEPRESIDENT
Boston Consulting Group
AITOR RUIZ
TREASURER
Bank of America
JUAN MARKAIDA
SECRETARY
Citi
2022 Board
AITOR RUIZ
PRESIDENT
Bank of America
JUAN MARKAIDA
VICEPRESIDENT
Citi
SUSANA HURTADO
TREASURER
KPMG
ASIER ESANDI
SECRETARY
Latham & Watkins
2023 Board
ASIER ESANDI
PRESIDENT
Latham & Watkins
SUSANA HURTADO
VICEPRESIDENT
KPMG
EDUARDO BASAÑEZ
TREASURER
Morgan Stanley
MARCO ANDINO
SECRETARY
Albia IMAP M&A
2024 Board
MARKEL IZAGUIRRE
PRESIDENT
Barclays
DAVID FULDAIN
VICEPRESIDENT
Morgan Stanley
PABLO INSUNZA
TREASURER
Santander CIB
DIEGO ARBIDE
SECRETARY
ABE Capital Partners
2025 Board
DAVID FULDAIN
PRESIDENT
Morgan Stanley
DIEGO ARBIDE
VICEPRESIDENT
ABE Capital Partners
IKER ITURBE
TREASURER
Santander CIB
XAVIER TUSELL
SECRETARY
McKinsey & Company
Social Media
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