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.

Kepler Cheuvreux is pleased to announce a strategic partnership with Argus Research, a renowned independent US Equity Research provider, to distribute US Equity Research across Continental Europe starting from 1 August 2024.

In response to increasing client demand, this partnership will enable Kepler Cheuvreux to provide broader coverage of the S&P 500. With more than 500 stocks under coverage, Argus provides fundamental Research on 90% of the S&P 500 market capitalisation.

Founded in 1934, Argus Research has established itself as a premier independent provider of US Equity Research. Its team of 20 experienced analysts delivers fundamental research and insightful analysis. Argus Research’s offerings include comprehensive stock, sector, and macroeconomic research.

According to 1nvestars, Argus Research ranks first for the accuracy of its Buy & Sell recommendations over 1-year period and within the top three over 3-year period (as of 11 July 2024). This recognition underscores Argus’s capability to provide high-performance investment recommendations.

“Argus Research’s proposition allows us to significantly enhance our US Equity Research offering, providing our clients with unparalleled access to top performance and independent analysis,” said Laurent Quirin, Chairman of the Supervisory Board at Kepler Cheuvreux.

“Argus Research is excited to partner with Kepler Cheuvreux to expand our reach into Continental Europe,” added John Eade, President and CEO at Argus Research. “I have come to realize that our firms have much in common, including long-time industry leadership and a clear focus on and alignment with the interests of our investor clients.”

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:

• 1^st independent European equity broker.
• +EUR1.5bn of equities traded on average daily.
• 1^st Equity Research coverage in Continental Europe.
• 1^st Country Research (Institutional Investor 2023).
• 13 major financial centres in Europe and the US.
• 600 employees.
• 1,300 institutional clients

About Argus Research

Argus Research is a leading independent United States financial services company that provides objective, independent financial-market research, analytics and data. The company employs around 75 people out of offices in New York and London. Argus is a Registered Investment Advisor with the U.S. Securities and Exchange Commission.

We are witnessing an increase in fraud attempts via “phishing” techniques, including domain names impersonating Kepler Cheuvreux and/or its employees, such as “@keplerschevreux.com” or “@keplerscheuvreux.com” instead of “@keplercheuvreux.com”. 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: https://www.keplercheuvreux.com/en/contactkc/

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.

Kepler Cheuvreux Execution Services (KCx) is now live as a broker on Bloomberg Tradebook’s PAIR solution. This development opens up new avenues for traders, as they can now seamlessly execute multi-currency pair trades with KCx, navigating complex arbitrage strategies with efficiency and precision.

As a PAIR broker on Bloomberg Tradebook, KCx now provides clients the ability to execute a variety of strategies for pair trades creating a compelling proposition for traders seeking to optimise their strategies, resulting in improved market impact savings. In addition, clients benefit from an enhanced trading experience as the PAIR GUI seamlessly integrates with a host of EMS providers including Bloomberg EMSX.
KCx’s role as a dealer on Bloomberg Tradebook exemplifies a commitment to excellence, innovation, and providing clients with the tools they need to thrive in dynamic markets. As the financial industry continues to evolve, collaborations such as this will help setting new standards for efficiency, reliability, accessibility, and performance.

Bobbie Port, Head of Electronic Distribution at KCx, stated: Having successfully concluded the integration project with Bloomberg, we are now happy to embark on a close collaboration with our clients. Addressing the complexities and risks of directly inputting pair trading strategies into an algorithm, PAIR is specifically designed to mitigate concerns associated with the selection of incorrect parameters—a historical challenge that led traders to resort to manually routing pair strategies. We look forward to leveraging these advancements to enhance our clients’ trading experiences.

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 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 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.”

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.

[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 https://www.ellipsis-am.com/publication/ComplianceDoc/Fr_Methodologie-peer-group.pdf.

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

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 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: https://www.keplercheuvreux.com/en/kepler-cheuvreux-foundation/. 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.