A full range of asset management services
Kepler Cheuvreux Asset Management offers a full range of asset management services with Ellipsis AM and Kepler Unigestion.
Ellipsis AM
A “conviction/risk” DNA
- Recognised management expertise since 2003
With over 20 years of investment history and €9.5 billion of AUM (as of the 30/04/2026), Ellipsis AM is a portfolio management company renowned for its specialised expertise. With nearly 30 employees, Ellipsis AM is a subsidiary of Kepler Cheuvreux since 2022.
- Niche specialised assets expertise
Ellipsis AM has been a leading portfolio manager of European and global convertible bonds since 2003. The company has also developed management expertise in credit (particularly high yield), volatility and listed derivatives.
- A research-driven philosophy
Its management teams rely on an appropriate selection of financial and ESG research to forge their own bottom-up and top-down convictions.
- Risk management at the heart of the process
Active management of financial and non-financial risks is at the heart of its portfolio construction and management processes.
- Reactivity and proximity
All of Ellipsis AM’s teams contribute to the quality of its client service, which is based in particular on the transparency of regular reporting and a high level of availability for investor relations.
Ellipsis Asset Management key figures
9.5
billion euros of AUM as at 30/04/2026
30
employees in Paris and Geneva
9
managers & analysts within the management team
+20
years of management history
Areas of expertise
With 9 analyst and portfolio managers, Ellipsis AM concentrates its expertise on value-added asset classes through its 3 specialised fund management divisions.
- Convertibles & Credit
This division brings together the historical and proven management expertise in which Ellipsis AM has a confirmed track record: convertible bond management, its core expertise since 2003, and corporate and high yield credit management since 2012.
The team mainly offers active management of convictions, based on demanding discretionary selection processes. It favours a rigorous bottom-up approach to fundamental, financial and ESG analysis.
- Alternative & Risk Mitigation Strategies
This division specialises in portfolio allocation and risk adjustment strategies, with proven expertise in equity overlay since 2008. Experienced in listed derivatives, it develops these strategies through options.
The team favours a top-down approach with primarily quantitative processes, enhanced by a discretionary approach. It designs tailor-made risk management and allocation solutions through dedicated overlay mandates and funds to hedge the equity portfolios of European investors.
- Solution Funds
The team strengthens the Kepler Cheuvreux Group’s investment offering by developing structured funds for institutional and corporate investors.
This division develops its offering in close collaboration with Kepler Cheuvreux Solutions, the business line dedicated to tailor-made investment solutions.
Ellipsis AM’s main funds are registered in France, Switzerland, Italy and Luxembourg. Ellipsis AM has a subsidiary in Switzerland since 2019. Its management offer meets the requirements of various investor profiles: institutional, collective management, private management and family offices.
As a signatory of the Principles for Responsible Investment (UN PRI), Ellipsis AM integrates environmental, social and governance criteria into its investment policies. Its convertible and credit funds are classified as “article 8” according to SFDR* regulations.
For more information on Ellipsis AM and its range of funds: www.ellipsis-am.com
*Regulation (EU) No. 2019/2088, called the Sustainable Finance Disclosure Regulation (SFDR)
Kepler Unigestion
Kepler Unigestion was formed in 2025 as a partnership between Kepler Cheuvreux and Unigestion. The new Company brings together Unigestion’s 30 years of experience in advanced portfolio management – which employs the latest artificial intelligence techniques and human expertise – with Kepler Cheuvreux’s extensive global research and distribution platform.
The new Company, which manages some EUR 3bn in assets, represents a major milestone in the shared ambition of both groups: the creation of a leading player in the liquid asset management market.
Kepler Unigestion is built on a common foundation between Kepler Cheuvreux and Unigestion: a strong historical presence in equity markets, deep institutional expertise, a longstanding multi-local presence, and an entrepreneurial spirit focused on innovation. It offers a powerful combination of innovation and global strength, bringing significant benefits to existing and new clients.
For more information on Kepler Unigestion: Kepler Unigestion website
Kepler Unigestion key figures