Vigilance – Fraud alert

We are witnessing an increase in fraud attempts via “phishing” techniques, including domain names impersonating Kepler Cheuvreux and/or its employees, such as “” or “” instead of “”. Kepler Cheuvreux recommends that you be particularly attentive and vigilant.

If you are unsure about an email, on a website or any other material, you can contact your dedicated contact at Kepler Cheuvreux or at the following address:

You can also consult the blacklists and alerts published by the ACPR and AMF by clicking on this link.

Kepler Cheuvreux, Investment Firm, reminds you that it is not authorised to receive funds from its clients and reminds you that only a banking institution is authorised to receive funds.

Current regulations also require the signing of various documents with your contact person before any transaction. Generally, no transaction can take place before a complete file has been filled in and validated.

The products and services of Kepler Cheuvreux are intended for professional clients only and not for individual customers. Therefore, Kepler Cheuvreux does not contact private individuals.

Finally, before transferring any money, Kepler Cheuvreux strongly recommends that you check your contact’s authorisation with the register of insurance, banking, and financial intermediaries.

KCx partners with Adaptive to deliver an innovative event-driven equities trading system

Adaptive Financial Consulting (Adaptive), the experts in electronic trading technology solutions, today announces its partnership with KCx, Kepler Cheuvreux’s execution division, to create an innovative event-driven trading system based on Aeron® and its own Hydra technology.

The long-term collaboration provides KCx with a new, cutting-edge front-office Execution equities platform that allows clients to observe and manage KCx’s advanced execution flow through a single interface, offering new functionality and simplifying workflows. The new system builds on KCx’s state-of-the-art algorithmic trading capabilities by connecting its global equities trading ecosystem through a new sequencer-based technical architecture.

The development of KCx’s new trading system marks the completion of the first phase of a wider innovation initiative to build bespoke, highly scalable front-office systems to complement the firm’s existing trading technology across asset classes, positioning the firm to meet its diverse client base’s evolving needs and meet ambitious plans to grow market share.

Anvar Karimson, Chief Technology Officer, Kepler Cheuvreux, said: “At KCx, we pride ourselves on the quality of our execution that allow our clients to seize opportunities in challenging markets. As part of phase 1, to ensure our clients can use our algorithms to their full potential, we wanted to build a new system that matches their sophistication and allows them to use our services in new, exciting ways. Working closely with Adaptive, we are realising our vision of a high-performance, resilient front office equities system that has the potential to scale and adapt as we meet the changing needs of institutions.

As well as working hand-in-hand with KCx to design and build its new architecture and user interface (UI), the new system was built using Hydra, Adaptive’s proprietary development technology that significantly accelerates and simplifies the creation of complex real-time trading systems.

Matt Barret, CEO, Adaptive, said: “Delivering a high-performance, resilient trading system on a global scale in a short timescale for a leading broker is a significant achievement. We are delighted to collaborate with KCx leveraging their extensive technical knowledge and advanced algorithms, and our Hydra technology to build an event-driven equities trading system from the ground up. Hydra’s architecture is ideally suited for the project and gives the firm strong foundations to develop new capabilities across asset classes, clients and trade types.

The new event-driven trading system is being built on a hybrid tech stack that can run on premises or, in future, in the cloud. The hybrid development of the system using AWS’s cloud infrastructure allows for remote functional testing to ensure that performance matches the expectations of clients at time of launch.

Chris McConville, Global Head of Execution Services and Trading, KCx, said: “We are excited to partner with Adaptive to help us create our NextGen execution platform —– a high performance, resilient system. This extensive project spans over two years, involving upgrades to nearly every aspect of our execution infrastructure, from algo monitoring tools and order management systems (OMS) to execution management systems (EMS), transaction cost analysis (TCA), portfolio analysis, IOI management, and complete allocation, booking, and settlement processes. The fully sequenced system ensures a comprehensive historical record of every order, child order, cancellation, and event across all asset classes. Our clients expect innovation, agility, and rapid product delivery, and we look forward to implementing the new technical architecture based on the execution sequencer to meet these demands. With bespoke strategies designed to meet the unique needs and preferences of each client, we are confident in our ability to respond effectively to trading objectives and risk profiles.”

Ellipsis AM acquires the Convertible Bond business of Edmond de Rothschild AM

Ellipsis Asset Management, a subsidiary of the Kepler Cheuvreux group and a European leader in convertible management, announces the acquisition of the convertible bond management business of Edmond de Rothschild Asset Management*.

This strategic acquisition allows Ellipsis AM to strengthen its position as a key player in the convertible bond management field. The acquisition positions Ellipsis AM among the top five asset management firms in Europe in the convertible segment.

The transaction involves the transfer of two portfolio managers to Ellipsis AM, Cristina Jarrin and Mikael Dauvert, who will enhance Ellipsis AM’s specialised team with over 20 years of history. Ellipsis AM’s convertible team currently comprises four portfolio managers.

The transition will be carefully managed through close collaboration between Ellipsis AM and Edmond de Rothschild AM to ensure seamless service continuity for investors.

To meet its private clients’ convertible bond needs, Edmond de Rothschild can now rely on Ellipsis AM as a preferred partner. This transaction includes the establishment of a distribution partnership for Ellipsis AM funds with Edmond de Rothschild Private Bank.

About Ellipsis Asset Management

With almost 20 years of management experience and EUR3.7bn under management (as of 29 March 2024), Ellipsis AM is a recognised asset management company specialising in convertible bonds, credit and optional liquid alternative strategies, portfolio hedging solutions and yield optimisation (overlay). The company has three management divisions, which now include 11 portfolio managers & analysts.

*The acquisition is subject to obtaining the applicable regulatory approvals.

Kepler Cheuvreux announce its membership of the IIGCC

Kepler Cheuvreux is proud to announce its new membership of the Institutional Investors Group on Climate Change (IIGCC).

IIGCC works closely with investors to provide guidance, frameworks, tools and support. They help them to respond to challenges and integrate management of climate-related risks and opportunities into their investment processes. Their mission focuses on bringing the investment community together to make significant progress towards a net zero and climate resilient future by 2030. Their work is delivered across three programme areas – corporate, investor strategies and policy – and covers a range of important topics, including net zero, adaptation & resilience and nature.

Jean-Pierre Ané, Deputy Group General Manager & Head of Business Development at Kepler Cheuvreux, stated: “Kepler Cheuvreux’s membership of the IIGCC marks a significant step in the Group’s longstanding ESG strategy, which was initiated nearly 20 years ago. Kepler Cheuvreux will collaborate with 400 institutional investors to enhance the incorporation of climate criteria into investment processes.”

Two years after its integration, Ellipsis AM sees a 33% increase in AuM in 2023

In January 2022, the Kepler Cheuvreux Group announced that it had completed the acquisition of Ellipsis AM, an asset management company from Exane SA, a subsidiary of the BNP Paribas Group. The synergies leveraged within the Group enabled the management company to post a 33%[1] increase in assets under management in 2023, for a total of 3.2 billion euros.

The Convertibles & Credit division, with over 20 years of management expertise in convertible bonds and high-yield credit[2], benefited from the strong results of its flagship products:

  • A +11% performance[3] by the Ellipsis Disruption Convertible Fund, leaving the thematic convertible bond fund ranked second in its Peer Group[4] (64 funds).
  • A +14% performance3 by the Ellipsis Credit Road 2028 fund, a dated fund created in partnership with Kepler Cheuvreux, ranked fourth in its Peer Group4 (154 funds).

The Alternative & Overlay Solutions division, leveraging 15 years of experience in portfolio overlay management, integrated a new mandate, and now covers a total of 1.4 billion euros. 2023 also saw the management team launch a new alternative strategy within its Ellipsis Optimal Solutions – Liquid Alternative fund.

The company also announced the launch of a new division called Fund Solutions. The division complements the Kepler Cheuvreux Group’s investment offering by developing structured funds for institutional and corporate investors. The division develops its offering in close collaboration with Kepler Cheuvreux Solutions, the business line dedicated to tailor-made investment solutions. In 2023, the investment team launched two treasury investment funds, with inflows of 800 million euros as of 31 December.  

“Ellipsis AM’s results demonstrate the Kepler Cheuvreux Group’s ability to integrate. Numerous synergies are being exploited, and asset management will remain one of the cornerstones of our Group’s development in 2024,” explains Laurent QUIRIN, Chairman of the Supervisory Board of Kepler Cheuvreux.

 “In a complex environment, Ellipsis AM has maintained a positive trajectory. Thanks to an efficient integration within the Kepler Cheuvreux Group, we have not only capitalised on our historical expertise, but also broadened our offering to respond more thoroughly to market needs,” adds Sébastien CARON, CEO of Ellipsis AM.

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[1] From 02/01/2023 to 29/12/2023.

[2] High Yield: This category corresponds to speculative securities with a rating below BBB-/Baa3 (official agency classification or Ellipsis AM’s own classification).

[3] For the benchmark Share I in EUR, from 29/12/2022 to 29/12/2023. Performance net of fees (after deduction of current expenses), dividends and coupons reinvested.

[4] Source: Ellipsis AM, as of 29 December 2023. Ranking based on the peer group of euro-denominated funds, belonging to the Morningstar “Global Convertibles” category for the Ellipsis Disruption Convertible Fund and the Lipper “Target Maturity Bond EUR 2020+” category for Ellipsis Credit Road 2028 and meeting the criteria described in our methodology, which is available on our website

References to past rankings and awards are not indicative of future rankings or awards.

Kepler Cheuvreux Solutions ranked as the top independent provider of structured products in France

Kepler Cheuvreux Solutions has been designated, for the 9th consecutive year, as the leading independent provider of structured products in France by Gestion de Fortune magazine.

We would like to express our gratitude to all our partners for their renewed trust, year after year.

Kepler Cheuvreux has raised more than EUR300,000 for its 4th Charity Trading Day

Kepler Cheuvreux is very proud to announce that its 4th Charity Trading Day has raised more than EUR300,000. We warmly thank all our clients who supported us on this amazing day for the Kepler Cheuvreux Foundation. Congratulations to the team!

The contributed commissions* received last Thursday on European equities will be donated to our anchor projects across Europe, which focus on the nurturing, protection, and education of young people.

Here are the 4th Charity Trading Day beneficiaries:

  • The Charlie Waller Trust
  • Fundación El Sueño de Vicky
  • Fondazione Buzzi per l’Ospedale dei Bambini
  • Friends
  • The children’s oncology and radiology department of Universitäts Klinikum Frankfurt
  • Het Vergeten Kind
  • Hôpital Necker-Enfants malades (AP-HP, Assistance Publique – Hôpitaux de Paris)
  • MQ Mental Health Research
  • Fondation Pelicano

From a standing start in June 2020, thanks to the contributions from the company, its employees, and our clients, the Kepler Cheuvreux Foundation has so far donated EUR4.3m to charities in nine European countries.

For further details, please go to: If you have any questions, please contact your usual sales trading professional or email us at: [email protected].
*Net commission after execution, clearing and settlement fees.

White paper: Sovereign bond portfolio construction with environmental constraints

Inès Barahhou (Quantitative Analyst at Kepler Cheuvreux Solutions) and Philippe Ferreira (Deputy Head of Economics & Cross-Asset Strategy at Kepler Cheuvreux), published a new landmark white paper on sovereign bond portfolio construction with environmental constraints.

In this academic paper, they develop a framework to align sovereign bond portfolios with net zero carbon trajectories, reviewing definitions, databases, metrics, and models.

One of the key conclusions is that unless sovereigns make significant progress towards decarbonisation, fixed income investors will face hard choices. Aligning their portfolio with net zero trajectories involves significant deviations from existing benchmarks and this generates substantial financial risks such as concentration and liquidity risks.

This subject is particularly topical since institutional investors are heavily exposed to government bonds and are the most advanced in net zero investing.

Find the white paper here:

The views expressed in the white paper are those of the author(s) and do not necessarily represent the views of Kepler Cheuvreux or Kepler Cheuvreux Solutions.

Kepler Cheuvreux 1st Country Broker

Kepler Cheuvreux is proud to announce the results of the 2023 Institutional Investor Survey for Europe (Research).

Kepler Cheuvreux confirms its leading position in European Research:

  • 1 Country Broker (combines rankings for Research, SMID, Corporate Access, Sales, Trading & Execution)
  • 1 for Europe Country Research
  • 1 for Non-Deal Roadshows

Best ranked independent Research with 10 sectors in top 10.

Best Country Broker:

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

Best Country Research:

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

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

Congratulations to our outstanding staff!

Thank you to our clients and partners for their continued support and to corporates for their trust.

Ellipsis Disruption Convertible Fund celebrates its first anniversary

Paris, July 10th, 2023

Shortly after joining the Kepler Cheuvreux group, Ellipsis AM, a renowned European and global convertible bond manager, launched its first thematic fund, Ellipsis Disruption Convertible Fund. Since its launch on July 5th 2022, this fund has invested in convertible bonds issued by a selection of innovative and disruptive companies.

Ellipsis Disruption Convertible Fund offers active directional management on the international convertible bonds market, focusing on securities identified by the management team as being exposed to a “disruption” theme. The portfolio thus focuses on convertible issuers involved in structural changes in economic, social, and environmental practices.

This fund is centered around a thematic bias within the convertible asset class, with a higher risk/return objective[1] than a traditional convertible fund, over a recommended investment period of five years. It is classified article 8 – SFDR[2].

One year after its launch, Ellipsis Disruption Convertible Fund posted a performance of +4.6%[3]. Its year-to-date performance to June 30th is +9.6%, placing the fund in first place in its Peer Group over the period[4]. Past performance is no guarantee of future results.

As of July 5th, 2023, the fund held 39 positions, with around 60% in US issuers and 20% in European issuers, with an average rating of BB+. Assets under management total €66m.

Nicolas SCHRAMECK, Head of Convertibles & Credit, explains: “We invest in companies whose revenue and earnings growth potential we believe to be far superior to that of all companies in their respective sectors. As of June 30th, 2023, the expected average annual sales growth of the portfolio’s underlyings is 25% for the period 2023-2025, compared with 4% for the S&P 500 and 8% for the Nasdaq.”

Sébastien CARON, Chairman of Ellipsis AM’s Management Board, adds: “The theme of disruption is centuries old, and we also complement our selection with our financial and extra-financial filters, aimed at managing the risk inherent in this type of selection. Ellipsis Disruption Convertible Fund incorporates all the expertise that Ellipsis AM has acquired in the convertible market over almost 20 years”.

About Ellipsis AM

With a track record spanning almost 20 years and nearly €2.5 billion under management (as of 31/12/2022), Ellipsis AM is a recognised European and global convertible bond manager. The company has also developed specialised management expertise in credit, volatility, and listed derivatives.

Inherent risks to convertible bonds: The Fund is exposed to credit, liquidity, and counterparty risks, as well as to risks associated with the use of forward financial instruments. These various factors may lead to a fall in the net asset value of the fund, which is not guaranteed or protected in any way.


This advertising document is designed for information purposes only and does not constitute an 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 compiled in good faith on the basis of market information. The accuracy of any such 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. The offering of mutual fund units may be restricted or prohibited by law in certain jurisdictions. Before making any offer, you should check in which countries the UCI(s) referred to in this document are registered for marketing. The UCI may not be subscribed to 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.

[1] The objective of the Ellipsis Disruption Convertible Fund is to achieve, over the recommended investment period of 5 years, an average annual performance net of management fees in excess of the benchmark money market capitalized rate + 5%. Benchmark money market index for the currency of the corresponding unit: capitalized €STR (EUR units) – capitalized SARON (CHF units) – capitalized SOFR (USD units). In particular, the Fund is exposed to the risk of changes in the value of convertible bonds held in the portfolio, which depends on several factors: interest rate levels, changes in the price of the underlying shares, or changes in the price of the derivative embedded in the convertible bond.

[2] European regulation (EU) No 2019/2088 known as Sustainable Finance Disclosure (SFDR). For more information on our ESG policy (environmental, social and governance criteria):

[3] For the benchmark EUR I share, from July 5th, 2022 to July 5th, 2023. Performance net of fees (after deduction of current expenses), dividends and coupons reinvested.

[4] Source: Ellipsis AM, as of July 5th, 2023. Ranking based on the peer group of euro-denominated funds, belonging to the Morningstar “Global Convertibles” category and meeting the criteria described in our methodology, available on our website

Kepler Cheuvreux joins Sustainable Trading

Kepler Cheuvreux, through its Execution activity KCx, is proud to be a new member of Sustainable Trading.

Sustainable Trading is a non-profit membership network, dedicated to transforming environmental, social and governance (ESG) practices within the financial markets trading industry. The network brings firms together to devise practical solutions to industry-specific ESG issues as well as providing a mechanism for self-assessment and benchmarking.

Stéphane Bouret, Deputy Group General Manager & Global Head of Equity Brokerage, Kepler Cheuvreux, says: “As one of the leading brokers in Europe, Kepler Cheuvreux recognises the importance of developing ESG best practices (whether it is through our market leading ESG research or with our Foundation). Our membership of Sustainable Trading allows us to go one step further & work with our peers to drive change within our industry”

Stéphane BOURET appointed Deputy Group General Manager, Global Head of Equity Brokerage

Paris, 7 March 2023

Kepler Cheuvreux announces a major new appointment to continue to grow the firm’s footprint and further develop its activities: Stéphane BOURET has been appointed Deputy Group General Manager, Global Head of Equity Brokerage, reporting to Grégoire VARENNE, Group General Manager.

Kepler Cheuvreux’s Equity Brokerage business, built around its historically very strong Research products, has positioned the Group as the number-one independent Equity Brokerage firm in continental Europe. Kepler Cheuvreux Research has also been the bedrock upon which other businesses have been developed.

As part of its extended responsibilities, Stéphane, one of the Group’s top executives and a key member of the management team, will participate in the strategic decisions and actions that will define Kepler Cheuvreux’s trajectory and positioning for the coming years.

About Stéphane BOURET

After spending five years as a sell-side analyst at HSBC, Stéphane joined the Kepler Cheuvreux Group 23 years ago, first working as a salesman for French clients, later as Head of Sales for the Continental European Client Zone and in the last few years as Managing Director, Global Head of Sales. He was appointed Global Head of Equity Brokerage early last year. Based in Paris, Stéphane graduated from the ISG Business School and the CFAF (Financial Analysis Training Centre).

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 13 major financial centres in Europe and the US: Amsterdam, Brussels, Frankfurt, Geneva, London, Madrid, Milan, New York, Oslo, Paris, Stockholm, Vienna, and Zurich.

Group key figures:

* 1st independent European equity broker.
* EUR2bn of equities traded on average daily.
* 1st equity research coverage in Continental Europe.
* 1st country research (Institutional Investor 2022).
* 13 major financial centres in Europe and the US.
* 600 employees.
* 1,300 institutional clients.