Prior to SQUARE A.M. most of the founders were part of the management team who led the launching of ESAF – Espírito Santo Ativos Financeiros S.A. (currently GNB – Sociedade Gestora de Fundos de Investimento Imobiliário S.A.) which managed real estate investment funds, pension funds, asset management and venture capital funds.
At present about one third of SQUARE AM’s professionals come from ESAF. In 1990 when they joined what would be the ESAF company, 6 people managed a 5M€ treasury fund.
Success was clear: ESAF then comprised a hundred people and generated EIGHT BILLION EUROS. The real estate investment fund was the largest in Portugal, with 40,000 participants, 1 billion euros under management and 40% market share, the most profitable participant wise. It represented one-eighth of the group's assets and generated one-third of ESAF, SGPS’s total revenues. The excellence in real estate investment management has lent the SQUARE A.M. team INTERNATIONAL RECOGNITION. Beyond borders, the work developed has allowed to strengthen and export know-how in areas such as real estate development and money market management. The experience of the team is mature and successful.
SQUARE A.M. team to be left ESAF between October 1999 and May 2000, after 10 years of working there.