Building upon the proven success of their collaboration in the Equity Capital Markets (ECM) sector over the past seven years, Belfius Bank and Kepler Cheuvreux, Europe’s leading independent equity broker, are taking a new step forward by signing a collaboration agreement focused on Mergers & Acquisitions (M&A) and fundraising services in Belgium.

The ambition is to advise and support Belgian companies, entrepreneurs and the public sector in the origination, structuring and execution of strategic transactions in a constantly evolving and increasingly international environment.

This new M&A collaboration complements Belfius’ Corporate Finance & Capital Markets (CFCM) offering, which covers Debt Capital Markets (DCM) and Equity Capital Markets (ECM), sectors in which the bank is a leader in Belgium.

An enhanced Corporate Finance & Capital Markets offering

Belfius has been a leading player in Debt Capital Markets (DCM) for many years, supporting both companies and public sector entities in their financing operations. This leading position has regularly been recognised by Euronext Brussels, which has awarded Belfius the “Bond Finance House of the Year” prize nine times in the last 12 years.

Concluded in November 2017, the initial strategic collaboration with Kepler Cheuvreux offers a leading service in Belgium for Equity Capital Markets (ECM) transactions, advisory services (research and sales) and execution of equity transactions. This offering complements DCM activities to form Belfius’ Corporate Finance & Capital Markets (CFCM) department.

In line with its positioning in the capital markets, Belfius is now strengthening its CFCM department with Merger and Acquisition services for companies, entrepreneurs and the public sector by expanding its collaboration with the Kepler Cheuvreux M&A team.

A shared ambition

Belfius and Kepler Cheuvreux share the ambition of becoming a leader in the Belgian Mergers and Acquisitions market, in an environment where transactions are increasingly complex and international in scope. This collaboration is based on the complementary nature of Belfius’ local roots and in-depth knowledge of its clientele, and the multi-local presence and recognised expertise of Kepler Cheuvreux’ M&A team.

This positioning allows Belfius to offer its clients optimal support at every key stage, from business creation to growth, whether organic or external, to transfer or sale.

Belfius remains faithful to its mission of being “Meaningful and Inspiring for Belgian Society. Together”.

Loïc De Smet, Head of Corporate Finance & Capital Markets at Belfius: “This expansion of Belfius’ collaboration with Kepler Cheuvreux will further strengthen our role as a preferred partner, while consolidating our position as a key player in Corporate Finance and Capital Markets. The signing of this M&A collaboration reflects our commitment to helping Belgian companies, entrepreneurs and the public sector grow and to supporting their ambitions with a comprehensive range of dedicated services.”

Laurent Quirin, Chairman of the Supervisory Board of Kepler Cheuvreux: “We are delighted to sign this collaboration agreement, which builds upon a number of successful Mergers and Acquisitions transactions executed by Belfius and Kepler Cheuvreux in recent years. This initiative illustrates our shared ambition to provide leading expertise in corporate finance and M&A in Belgium, combining Belfius’ proximity to the Belgian entrepreneurial community with Kepler Cheuvreux’ recognised expertise in mergers and acquisitions and strategic advice.”

Kepler Cheuvreux is proud to share the results of the 2025 Extel Survey for Europe.

Once again, Kepler Cheuvreux confirms its leading position in European Research, based on investor votes:

• #1 Overall Country Broker (across Research, SMID, Corporate Access, Sales, Trading & Execution)
• #1 for Europe Country Research
• #2 for Pan-European Corporate Access and #1 based on corporate votes
• Top-ranked independent Research with 16 sectors in the top 10

Best Country Broker:
#1 Germany | #2 Austria | #2 Benelux | #2 France | #2 Switzerland | #3 Italy

Best Country Research:
#1 Austria | #1 Benelux | #2 France | #2 Germany | #2 Iberia | #2 Switzerland | #3 Italy

21 Kepler Cheuvreux analysts ranked in the top 10 in country research categories.

Congratulations to all our teams for their outstanding commitment.

We warmly thank our clients, partners, and corporates for their continued trust and support.

New workflow, presented at TradeTech Europe in Paris, enables mutual clients seamless access to KCx analytics data through natural language queries in FlxAI, paving the way for future agent-to-agent communication

London, UK, May 12, 2025 –FlexTrade Systems, a global leader in multi-asset execution and order management systems, and Kepler Cheuvreux, a leading independent European financial services company through its KCx execution services, today announced the availability of KCx’s sophisticated analytical suite directly from FlexTrade’s AI assistant, FlxAI, to deliver intelligent, high-value insights into client workflows.

With rapid advancements in AI, large language models are reshaping how financial firms interact with data.  Trading desks are increasingly embracing conversational AI to streamline decision-making and extract actionable insights faster than ever before. In response to market drivers, the new workflow has been developed as part of a collaborative initiative between KCx’s and FlexTrade’s teams.

Through the new collaboration, users of FlxAI, which is seamlessly embedded in FlexTrade’s FlexONE OEMS and FlexTRADER EMS solutions, can actively query KCx liquidity drivers through natural language commands, such as “What’s the anticipated closing volume according to KCx?” or “What does KCx think the volatility will be today?“.  FlxAI translates these requests into API commands, which are passed to KCx.  KCx then returns the result, derived from vast streams of structured data — timestamps, prices, venues, order types — which FlxAI translates and presents to the end user within the order blotter as rich, human-readable narratives. These narratives explain factors such as slippage drivers, venue performance, and hidden cost patterns. Additionally, using AI, KCx’s analytics continuously learns from evolving market conditions, transforming the analytics feedback in real-time.

Further development from KCx will see their own AI chat agent launch, delivering additional proprietary data points and working order content to users directly. Through agent-to-agent communication, FlxAI will extend to this AI agent to provide answers to user questions determined to be directed to KCx.

Chris McConville, Global Head of Execution Services and Trading at KCx stated: “Built on the foundation of our robust API Analytical Suite offering, this workflow integration represents a major step forward.  KCx is introducing this new capability through FlexTrade, which aligns with our mission to provide accessible, high-value insights directly into our clients’ workflows. Rather than only focusing on AI-driven execution algorithms, our priority is to enhance workflow efficiency — improving decision support, reducing manual processes, and simplifying interactions with complex data. This enables traders and portfolio managers to focus on more strategic, high-value tasks.”

Andy Mahoney, Managing Director, EMEA at FlexTrade, stated: “Our existing integration with KCx’s analytic suite has proved popular with clients looking to source high-quality, adaptive market intelligence.  Integrating the KCx data source into FlxAI was a natural step to extend the coverage to third-party data, which is relevant, useful, and timely to users.  As the sell-side finds new and unique ways to deliver content to clients, we aim to provide a seamless interface to access all services available.  With FlxAI, connected to an abundance of data sources and other AI agents, this will ensure interaction is completely natural.”

Anvar Karimson, Chief Technology Officer, Kepler Cheuvreux, stated: “This innovative integration marks a significant technological advancement in delivering intelligence when traders need it most. By connecting KCx analytics with FlxAI, we’re transforming how insights flow through decision workflows. Natural language interaction elegantly removes barriers between complex analysis and trading decisions. This reflects our core belief that sophisticated technology should feel intuitive while enhancing how clients interact with markets.”

KCx and FlexTrade will demonstrate this innovation at TradeTech Europe, May 13 – 15. The FlexTrade team will be in Track C during the roundtable sessions at the Buy-Side Innovation Day on May 13, and Booth 36 during the Main Conference on May 14 and 15.

Kepler Cheuvreux and Unigestion have entered into a strategic partnership to establish a joint asset management company specialising in quantitative strategies for public equities.

This partnership, which will manage over EUR 3 billion in assets, represents a major milestone in the shared ambition of both groups: to establish a leading player in the liquid asset management market. By combining innovation and complementary expertise, particularly in research and portfolio construction, this initiative will also benefit from Kepler Cheuvreux’s commercial strength.

Strategic synergies for a comprehensive and diversified offering

Backed by strong expertise and a solid track record, the newly formed Kepler Cheuvreux Unigestion Equities entity will leverage the respective strengths of both partners:

On the one hand, Unigestion brings its quantitative and qualitative public equities expertise, enhancing Kepler Cheuvreux’s well-established research capabilities. This partnership merges fundamental and quantitative research approaches, optimising portfolio management while diversifying and expanding the range of investment strategies.

On the other hand, Kepler Cheuvreux contributes its sales force of over 130 professionals and a network of more than 1,300 institutional clients across Europe, the United States, and the Middle East.

A shared identity

This collaboration is built on a common foundation between Kepler Cheuvreux and Unigestion: a strong historical presence in equity markets, deep knowledge of institutional clients’ needs, a longstanding multi-local presence, and an entrepreneurial culture focused on innovation.

Aligned with their shared commitment to responsible investment, both entities integrate ESG criteria into their management processes and maintain an active dialogue with the companies in their portfolios.

A two-step approach

In the first phase, Unigestion will transfer over EUR 3 billion in assets under management in the form of mandates and investment funds, while integrating its entire equities team within Kepler Cheuvreux’s operational infrastructure.

In the second phase, the two partners intend to create a new jointly-owned entity alongside the management team, with the objective of accelerating the development of this business, notably through external growth initiatives.

Laurent QUIRIN, Chairman of the Supervisory Board at Kepler Cheuvreux and Bernard SABRIER, Executive Chairman of the Board at Unigestion stated:

“This partnership is driven by a shared ambition: to provide institutional investors with sophisticated, innovative solutions tailored to the evolving market landscape. The combination of Unigestion’s quantitative expertise with Kepler Cheuvreux’s research, execution and distribution capabilities, enables us to unlock unique synergies and offer a distinctive, high-value proposition.”

This transaction is subject to regulatory approval.

About Kepler Cheuvreux

Kepler Cheuvreux is a leading independent European financial services company that specialises in Research, Execution, Fixed Income and Credit, Structured Solutions, Corporate Finance, and Asset Management.

The group employs around 600 people and is present in 14 major financial centres in Europe, the US, and the Middle East: Amsterdam, Brussels, Dubai, Frankfurt, Geneva, London, Madrid, Milan, New York, Oslo, Paris, Stockholm, Vienna, and Zurich.

Group key figures:

• 1^st independent European equity broker.
• 1^st Equity Research coverage in Continental Europe.
• 1^st Country Broker and Research (Extel 2024).
• 14 major financial centres in Europe, the US, and the Middle East.
• 600 employees.
• 1,300 institutional clients.
• EUR4.7bn in assets under management for its subsidiary Ellipsis Asset Management (at 31 January 2025).

About Unigestion

Unigestion is an international boutique asset manager with $15bn* in assets under management and 10 offices across Europe, North America and Asia. For more than 50 years we have provided innovative investment solutions for institutional clients and high net worth individuals worldwide.

We believe that intelligent risk-taking is key to delivering consistent returns over time. This core conviction underpins our investment approach across our private equity, equities and wealth management businesses.

Unigestion’s ownership structure ensures our business is aligned with the needs of our stakeholders. Our largest shareholder is the Famsa Foundation, a Swiss foundation established by our Chairman Bernard Sabrier in 2011 to make substantial contributions to a wide range of projects in the charitable, educational, cultural and medical fields. Employees and clients are also represented as shareholders.

*Source: Unigestion 31.12.24

Ellipsis AM continues to expand its offering in the Risk Mitigation Strategy space with the launch of its new fund: “Ellipsis Optimal Solutions – Alternative Hedging”. Available in UCITS format, the fund stands out as an innovative and truly diversifying hedging solution, designed to effectively protect against market uncertainties.

Integrated into a balanced portfolio, “Ellipsis Optimal Solutions – Alternative Hedging” provides effective diversification through the use of two complementary dynamic hedging strategies:

• A “Black Swan” hedge helps limit the maximum drawdown in the fund in the event of an extreme market shock and consists of out-of-the-money put options.
• A “Long Vol” hedge reduces the overall portfolio volatility and is implemented through a put spread allocation.

Thanks to its convex profile, “Ellipsis Optimal Solutions – Alternative Hedging” targets a performance that is negatively correlated to equity markets. The fund monetises major market declines and periods of high volatility, while optimising the cost of hedging during bull markets or periods of low volatility.

Performance[1] objective of the fund:

• +20% to +40% for a market decline of -15% to -20%
• +80% to +100% for a market decline of -40% to -60%
• 0% to -20% during periods of low volatility or rising markets

Like all open-ended funds available at Ellipsis AM, Ellipsis Optimal Solutions – Alternative Hedging is classified as article 8, SFDR[2].

Alexandre RYO, Head of Alternative & Overlay Solutions, comments: “The fund is based on the portfolio hedging mandates that have been in place for our institutional investors for over 15 years. Its asymmetrical profile aims to protect gains and optimise compound returns.

Pierre GALLICE, Head of Overlay Strategies & Portfolio Manager[3], adds: “With uncertainty still omnipresent, equity portfolios are vulnerable to future storms. The Ellipsis Optimal Solutions – Alternative Hedging fund provides an effective response, combining risk reduction and negative correlation with the market in the event of a shock.

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[1] Performance net of fees (after deduction of running costs), dividends and coupons reinvested

[2] ESG: Environment / Social / Governance. SFDR: European Regulation (EU) No 2019/2088 known as Sustainable Finance Disclosure (SFDR). More information on our ESG policy (environmental, social and governance criteria): https://www.ellipsis-am.com/fra/fr/pro/esg-reglementaire.

[3] Management team at the launch of the fund on 31/01/2025, which may change during the life of the fund.

Fund risk warning:

The implemented strategy may generate negative performance during slow and continuous declines in risky assets or during periods of low volatility. The fund is exposed to model risk related to the hedging strategy implemented, which relies on a systematic management process. There is a risk that this model may not be efficient. Furthermore, the fund is exposed to volatility risk, counterparty risk, and risks associated with the use of derivative financial instruments. These factors may result in a decrease in the fund’s net asset value, which is not subject to any guarantee or protection.

IMPORTANT INFORMATION

This advertising document is for information purposes only and does not constitute investment advice on financial products. Due to its simplified nature, the information contained in this document may only be partial. It may be subjective and is subject to change without notice. All data has been established in good faith on the basis of market information. The accuracy of any information obtained from external sources cannot be guaranteed.

The investment is in units of a collective investment scheme and not in the underlying assets. UCIs do not offer a capital guarantee.

In some jurisdictions, the offering of mutual fund units may be restricted or prohibited by law. Before making any offer, it is advisable to check in which countries the UCI(s) referred to in this document are registered for marketing. The UCI may not be subscribed or held by a Non-Eligible Person or a Non-Eligible Intermediary (see the section on “Relevant subscribers” in the prospectus).

This document may not be reproduced in any form or transmitted to any person other than the person to whom it is addressed without the prior written consent of Ellipsis AM.

Additional information for Switzerland:

The domicile of the fund is France. In Switzerland, the representative is Acolin Fund Services AG, Maintower, Thurgauerstrasse 36/38, 8050 Zürich, whilst the paying agent is Banque Cantonale de Genève, 17 quai de l’Ile, CH-1204 Genève. The prospectus, the Key Investor Information Documents, the fund regulation and the articles of association, as well as the annual and semi-annual reports may be obtained free of charge from the representative. 

www.ellipsis-am.com

Kepler Cheuvreux and Centile Partners are proud to announce the development of a new strategic partnership to establish a strong presence in listed derivatives. This collaboration brings together Kepler Cheuvreux’s well-established reputation as a leading independent European equity broker and Centile Partners’ expertise in the rapidly growing listed derivatives space.

Centile Partners, based in London, is a newly created Listed Derivatives Agency broker headed by John Ruskin. With decades of experience in the financial industry and listed derivatives in particular, John Ruskin has built a reputation for excellence in the derivatives sector, and his leadership will be a key factor in the success of this partnership.

The partnership between Kepler Cheuvreux and Centile Partners is designed to offer clients high-quality execution services on an agency basis across listed derivatives and related financial instruments. This expanded service offering will allow both firms to cater to the evolving needs of institutional clients, particularly hedge funds, which require high quality trading ideas and flawless execution in increasingly complex markets. Working together, Kepler Cheuvreux and Centile Partners will be able to offer clients a seamless experience by providing them with access to an enhanced suite of execution services.

About Centile Partners

A brand-new boutique agency brokerage specialising in listed derivatives led by John Ruskin.

John’s career in Agency broking and financial services spans 25 years. He founded successful agency brokerage companies, such as Cube Financial in 1999 and Coex in 2013. He led global business line division in agency execution services both at Newedge SG group from 2006 to 2013 and TP ICAP Group from 2017 to 2022.

Kepler Cheuvreux awarded “Euronext Brokerage House of the Year” by the Belgian Investor Relations Association vzw/asbl (BelIR) at the Euronext Brussels Awards 2024!

Kepler Cheuvreux obtained the highest performance score in a survey conducted among listed companies by BelIR.

This recognition highlights our dedication to delivering top-tier service to our clients and corporates. Together with our partner Belfius, Kepler Cheuvreux remains the independent reference in Belgium for Equity Brokerage and Capital Market Transactions.

Ellipsis AM, the asset management company of the Kepler Cheuvreux Group, and Banca Ifigest have signed a distribution agreement for the entire Ellipsis fund range, which includes strategies focusing on convertible bonds, high-yield credit, and Alternative & Overlay Solutions.

Ellipsis AM funds will be distributed through Fundstore.it, Banca Ifigest’s online fund platform, further enriching its offering to clients.

The Ellipsis AM fund range available on Fundstore includes:

• Ellipsis European Convertible Fund and Ellipsis Global Convertible Fund, which implement discretionary management of convertible bonds in the European and global markets. The funds adopt a rigorous selection process based on financial and non-financial criteria, incorporating a 360° multi-criteria analysis focused on sustainability, governance, and ESG risks to guide investment decisions and strategic adjustments.
  
• Ellipsis Disruption Convertible Fund focuses on convertible bonds linked to key disruptive trends including Artificial Intelligence, Digitalization, Healthcare Innovation, and more.
  
• Ellipsis High Yield Fund is based on an active and directional management approach, focusing on high yield bonds predominantly rated BB and denominated in euros. Additionally, it adopts an active risk hedging strategy to limit the fund’s drawdown.
  
• Ellipsis Optimal Solutions – Liquid Alternative: This fund offers a multi strategy approach with a long investment in thematic equities, a flexible allocation in Investment Grade bonds and risk mitigation strategy. The risk mitigation strategy is core, integrating a “Black Swan” hedge, “Long Vol” hedge and a “Relative Value Volatility Trading” book, to limit losses during extreme market shocks.

Giovanni Bizzarri, Chairman of Banca Ifigest, stated: “We are pleased to announce the agreement with Ellipsis AM, a company with solid expertise in the field of convertible bonds, representing a new diversification opportunity for Fundstore.it clients. We remain committed to offering our clients high-quality and diversified investment options.”

Sébastien Caron, CEO of Ellipsis AM, added: “The partnership between Ellipsis AM and Banca Ifigest represents a key milestone in expanding Ellipsis AM’s presence in the Italian retail market through the Fundstore platform. We are confident that our unique range of funds will meet the specific allocation needs of Italian investors.”

Kepler Cheuvreux and Alpha Finance are pleased to announce a new strategic partnership to expand Equity Research distribution across their respective markets. This partnership will take effect starting on 18 November 2024.

Under the agreement, Kepler Cheuvreux will distribute Alpha Finance’s Greek Equity Research to investors in Europe, the United Kingdom, the United States, and the Middle East. On its side, Alpha Finance will offer Kepler Cheuvreux’s extensive European Equity Research to domestic Greek institutions and Family Offices. This collaboration significantly broadens the reach of both firms.

Kepler Cheuvreux provides comprehensive Research coverage of more than 1,000 European stocks, making it the largest independent Research provider in Continental Europe covering more than 90% of the market. Its coverage spans 34 sectors, with a dedicated team of 110 equity analysts working from 11 Research offices in major European financial hubs.

Alpha Finance Equity Research provides extensive coverage of the major Greek listed large cap companies and selected medium cap names, while it continuously enhances its coverage in order to meet growing investor demand. Having one of the largest Greek Equity Research teams on the ground, it is able to provide unique and valuable insights to investors focusing on key sectors such as Banking, Energy, Retail, Industrials, and Real Estate.

Laurent Quirin, Chairman of the Supervisory Board at Kepler Cheuvreux, commented: “Partnering with Alpha Finance enhances our commitment to delivering unparalleled insights in the growing Greek Equity market while strengthening our leading European Research platform.”

Dimitrios Kostopoulos, CEO of Alpha Finance, stated: “In the past three years, the Athens Exchange has demonstrated remarkable performance, supported by a strong economic recovery and an increase in market activity. As we look forward to its transition to developed market status, our partnership with Kepler Cheuvreux amplifies Research coverage and corporate access, allowing us to deliver a commitment to excellence in service for our clientele.”

Kepler Cheuvreux, a leading independent European financial services company, is pleased to announce that it has become the majority shareholder of Trackinsight, the global reference platform for ETF selection and analysis. With this transaction, Kepler Cheuvreux reaffirms its commitment to becoming the undisputed leader in the ETF sector by offering advanced services to professional investors, advisors, institutions, and issuers.

This strategic investment also strengthens Kepler Cheuvreux’s position in technological solutions, offering comprehensive and innovative solutions to meet the evolving needs of its clients.

The growth of ETFs has been one of the most disruptive trends in the asset management sector over the past 20 years. Since 2010, ETFs have grown at an annual rate of 15%, nearly three times faster than traditional mutual funds.

A unique position in the ETF ecosystem

This acquisition will provide professionals with ETF selection tools based on high-quality data, cutting-edge analyses for manager and fund selection, and innovative portfolio construction tools. Through this transaction, Kepler Cheuvreux will have an unparalleled presence in the ETF universe, ranging from the most comprehensive data platform, backed by recognised quantitative expertise in manager and fund selection, to transaction execution with a high-level trading infrastructure. The group thus reaffirms its commitment to becoming the undisputed leader in the ETF sector by offering comprehensive and cutting-edge solutions to meet the evolving needs of its clients.

A collaboration to maximise innovation

This transaction is being realised through a majority stake acquisition while maintaining the Trackinsight brand, which will continue to operate independently, retaining its current expert teams. A close collaboration between the two entities will be established to maximise innovation and service quality for the clients of both parties.

“We are delighted to join forces with a leading partner like Kepler Cheuvreux to embark on the next stage of our development. Technology and innovation in the service of clients are at the heart of our daily concerns,” said Philippe MALAISE, CEO and Chairman of Trackinsight.

“Kepler Cheuvreux was already the leading independent European ETF execution provider; we aim to go even further by supporting our clients across the entire value chain, from selection to transaction. This acquisition strengthens Kepler Cheuvreux’s position as a key player in financial services,” added Jean-Pierre ANÉ, Deputy CEO, In charge of Business Development at Kepler Cheuvreux.

About Trackinsight

Founded in 2016, Trackinsight is an independent company providing high-value data and services focused on ETFs. The company stands out for:

• A proprietary ETF database, renowned for its depth and quality, in direct connection with issuers,
• Services supporting the analysis and selection of ETFs for institutional investors, as well as assisting in the creation and optimisation of ETF portfolios,
• A network of satellite websites developed in partnership with major stock exchanges and financial media, catering to the professional ETF investor community.

The Trackinsight team consists of 30 staff members based in Europe and North America, remaining attuned to the needs of international clients and continuously adapting to a fast-evolving market, whose assets now exceed $12 trillion.

Key figures as of September 2024:

• Over 11,000 ETFs analysed
• 99.8% coverage of the ETF market in Europe and North America
• 30 staff members
• 50 institutional clients, including two of the world’s largest private banks

Kepler Cheuvreux is proud to announce the results of the 2024 Extel Survey for Europe (Institutional Investor).

Kepler Cheuvreux confirms its leading position in European Research (investor votes):

• #1 Overall Country Broker (combines rankings for Research, SMID, Corporate Access, Sales, Trading & Execution)
• #1 for Europe Country Research
• #2 Pan-European Corporate Access and ranked #1 for Corporate Access with Corporates
• Best ranked independent Research with 14 sectors in top 10.

Best Country Broker:

• #1 for Austria
• #1 for Germany
• #2 for Benelux
• #2 for France
• #2 for Iberia
• #2 for Switzerland
• #3 for Italy

Best Country Research:

• #1 for Austria Research
• #1 for France Research
• #2 for Benelux Research
• #2 for Germany Research
• #2 for Iberia Research
• #2 for Italy Research
• #2 for Switzerland Research

20 Kepler Cheuvreux analysts in the top 10 for country voting category.

Congratulations to our outstanding staff!

Finally, we would like to warmly thank our clients and our partners for their continued support and to corporates for their trust.

Crédit Agricole CIB and Kepler Cheuvreux have extended their Equity Capital Markets (ECM) partnership to encompass the Middle East and North Africa region (MENA). The partnership has established a local presence for Kepler Cheuvreux in the United Arab Emirates, which will initially cover equity research and distribution in the UAE, the Kingdom of Saudi Arabia as well as the rest of the Gulf region.

On 26 July 2024, the Dubai Financial Services Authority (DFSA) granted Kepler Cheuvreux a licence to operate as an Authorised Firm to provide equity research and distribution in the United Arab Emirates. Kepler Cheuvreux has opened a new office in the Dubai International Financial Centre (DIFC) with a dedicated team of research analysts and salespeople.

Crédit Agricole CIB has a longstanding presence in MENA, with offices in the UAE, Saudi Arabia and Qatar. This partnership will enable Crédit Agricole CIB to strengthen its client offering in the region, with the addition of the Equity Capital Markets activities. Crédit Agricole CIB will leverage the extension of Kepler Cheuvreux’s highly rated European research expertise to the MENA region and its unique access to 1,300 investors now extended to institutional investors in the Gulf region.

 “Crédit Agricole CIB’s partnership with Kepler Cheuvreux has proven to be highly successful in Europe with a number of flagship transactions. The extension allows us to further strengthen our client offering in the MENA region. We are fully committed to the success of this new initiative and are strongly convinced of the value-add we bring to MENA ECM issuers through our platform.” said Didier Gaffinel, Crédit Agricole CIB Deputy General Manager and Head of Global Coverage & Investment Banking.

“The extension of our ECM partnership with Crédit Agricole CIB allows us to respond to the strong interest from institutional investors in the MENA region where ECM activity is booming. This new step in the history of Kepler Cheuvreux demonstrates the efficiency of our model and strengthens the group’s multi-local position” stated Laurent Quirin, Chairman of the Supervisory Board of Kepler Cheuvreux.