We are proud to announce that Kepler Cheuvreux have been awarded Best Price Improvement Capabilities at the Leaders in Trading 2021: Algorithmic Trading Awards.
This award highlights our continuing investment in technology and our new quantitative algorithmic infrastructure (QAI).
We would like to thank our clients and partners for their continued support.
Paris, 12 October 2021
In the context of the development of its asset management business, the Kepler Cheuvreux group (“Kepler Cheuvreux”) has signed the acquisition of the asset management company Ellipsis Asset Management (“Ellipsis AM”) from Exane SA, a subsidiary of the BNP Paribas group. Ellipsis AM has 18 years of experience in convertible bond funds and is specialised in high value-added niche management segments. The transaction remains subject to the prior approval of the French Financial Markets Authority, l‘Autorité des Marchés Financiers, and is expected to be completed in the fourth quarter of 2021.
With €2.8 billion of assets under management (1), Ellipsis AM is a recognised asset management company in the European and global convertible bond segments. The company has also developed specialised management expertise in credit, volatility, and listed derivatives. It notably offers customised management services, in particular options overlay mandates to hedge equity portfolios or convertibles mandates and funds.
Already present in asset management through its subsidiary Kepler Cheuvreux Invest, specialised in the unlisted segment, with two separate strategies – “Tech Growth & Late-Stage” Private Equity and “Preferred Capital” (Subordinated Debt, Quasi Capital and Capital) for small, medium and intermediate-sized enterprises, Kepler Cheuvreux is extending its offer with a range of listed asset funds. The acquisition of Ellipsis AM is the cornerstone of Kepler Cheuvreux’s development in asset management.
Ellipsis AM will be able to rely on the strengths of Kepler Cheuvreux, such as its multi-local network with 13 offices in Europe and the United States. Kepler Cheuvreux and Ellipsis AM are both signatories of the United Nations Principles for Responsible Investment (PRI) and the ESG approach will be at the heart of future developments.
“With the acquisition of Ellipsis AM, Kepler Cheuvreux is accelerating the development of its asset management business by enhancing its fund offer with complementary strategies in the listed assets segment” states Grégoire Varenne, Chairman of the Management Board of Kepler Cheuvreux.
“We are delighted to be writing a new page in the history of Ellipsis AM alongside Kepler Cheuvreux. This operation aims to strengthen our growth model and our expertise, notably in the area of ESG” adds Gildas Hita de Nercy, Chairman of the Management Board of Ellipsis AM.
About Kepler Cheuvreux
Kepler Cheuvreux is a leading independent European financial services company that specialises in Research, Execution, Fixed Income & 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.
Key figures of the group (as of 30 September 2021)
* No. 1 independent European equity broker
* €2 billion in equities traded daily on average
* Leader in equity research in Continental Europe with more than 110 analysts covering 1,200 companies
* More than 3,000 companies covered worldwide via partnerships with Piper Sandler for the US and Macquarie for Asia-Pacific
* Leader in Europe in ESG research and first in its sector to become a signatory of the Principles for Responsible Investment (PRI)
* KC Invest: two separate strategies – “Tech Growth & Late-Stage” Private Equity and “Preferred Capital” (Subordinated Debt, Quasi Capital and Capital) for small, medium and intermediate-sized enterprises
* 13 major financial centres in Europe and the US
* 600 employees
* 1,200 institutional clients
* €272 million in sales in 2020
* €42 million in EBITDA in 2020
* €25.6 million in net profit in 2020
About Ellipsis AM
With more than 18 years of management history, Ellipsis AM is a recognised asset management company in the European and global convertible bond segments. The company has also developed specialised management expertise in credit, volatility, and listed derivatives. It notably offers customised management services, in particular options overlay mandates to hedge equity portfolios or convertibles mandates and funds.
Ellipsis AM focuses its expertise on value-added asset classes through its two specialised management divisions. The Convertibles & Credit division houses the historical and confirmed management expertise. Since 2008, the Overlay & Customised Portfolio Solutions division has developed specific know-how for equity portfolio hedging solutions and risk allocation.
Key figures (as of 30 September 2021)
* 2003: launch of the 1st convertibles fund
* €2.8 billion of AUM(1)
* 7 managers & analysts on the management team
* 25 employees in Paris, Geneva and Milan
* No. 1 Best French Asset Management Company – European Funds Trophy 2021 in the “8 to 15 rated funds” category (2)
* 4 Morningstar stars (3) for the convertible, high yield and credit allocation funds
* Signatory of the Principles for Responsible Investment (PRI)
* 100% of the AUM of the discretionary management incorporates an ESG approach (except for the scope of the index tracker funds and options overlay mandates)
* Convertible and credit conviction funds, all classified “Article 8” funds under the SFDR (4)
(1) AUM: Assets Under Management as of 30 September 2021
Past performances are not a reliable indicator of future performance. References to past rankings and awards do not predict future rankings and awards.
(2) For more information about the methodology: www.european-funds-trophy.eu – www.fundclass.com. Past performances are not a reliable indicator of future performance. The funds’ prospectus, KIID and financial statements are available at: www.ellipsis-am.com. References to past rankings and awards do not predict future rankings and awards.
(3) Source: Morningstar, overall rating as of 30 September 2021. Morningstar categories: Convertible Bond – Europe / EUR High Yield Bond/ EUR Cautious Allocation. I EUR units for rated funds, except Ellipsis Credit Allocation Fund S EUR unit with the longest track record. © 2021 Morningstar. All rights reserved. For further information on the Morningstar rating: www.morningstar.com.
(4) Regulation (EU) No. 2019/2088, called the Sustainable Finance Disclosure Regulation (SFDR). For more information about the ESG policy of Ellipsis AM: https://www.ellipsis-am.com/compliance/rapport-esg
We are proud to announce that our European Corporate Brokerage activity ranks first in 2021 for buybacks in France (both by number of mandates and volumes repurchased) & in Benelux (by volumes repurchased). Also, ranks first in ShareManagement on BEL20 and second in ShareManagement on CAC40 in H1 2021.
We would like to thank our clients and partners for their continuous support.
We are proud to announce that we have been chosen as the Best Sell-Side Equities Trading Desk at the Markets Choice Awards 2021. This award highlights our investment in execution technology and confirms our capabilities in this space.
We would like to thank our clients and partners for their continued support.
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Execution services from Kepler Cheuvreux combine first-class and tailored-made client services. Our expertise, platform and value-added services help you navigate through the liquidity maze and implement cost-effective solutions for the complex post-trade landscape. More info here.
Paris, 18 May 2021
Kepler Cheuvreux announced today the launch of Kepler Cheuvreux Discovery, a brand new video research platform exclusively dedicated to the discovery of investment ideas.
Building on the experience and success in hosting virtual events throughout 2020, such as the Kepler Cheuvreux Autumn Conference, the platform combines an immersive video experience with the best of Kepler Cheuvreux’s research convictions across a selection of highly curated topics.
The platform offers daily updates in several different types of formats, including:
> Morning Pitches, a 3 min introduction to a new piece of research
> Educational, deep dive into a complex topic or theme
> Market Chatter, specialist sales highlights of the week
> Convictions, in-depth presentation on one of Kepler Cheuvreux Research convictions
> Strategy, in-depth strategy presentation
Additionally, within the platform, clients have exclusive access to corporate access events and unique expert talks and interviews with renowned business leaders, politicians, and leading economists.
Using its innovative video formats and placing analysts at the centre of Kepler Cheuvreux Discovery, the Group goes beyond the industry-standard research report, giving clients a more engaging and personalised way of consuming research.
“Kepler Cheuvreux Discovery is highly complementary to our traditional research platform. It aims at leveraging technology to bring the best of our research to our clients, high value-added content and unique investments opportunities.” said Arnaud Girod, Co-Head of Institutional Research.
You can find the presentation video here.
London, 28 April 2021
Kepler Cheuvreux announced today a public launch of their new electronic trading platform, which combines advanced liquidity seeking order routing capabilities with a next-generation quantitative algorithmic infrastructure platform.
The platform is part of a multi-year strategic investment by Kepler Cheuvreux in electronic trading capabilities and has already achieved record volume during its gradual rollout programme throughout 2020, with an average daily agency flow of over EUR2bn.
“Our electronic trading platform is underpinned by best-of-breed technology from selected partners. Which, coupled with our deep internal expertise, credibly takes us to a market-leading position in terms of innovation and strategy customisation, supported by strong platform performance and stability.” said Thomas Biotteau, Deputy Global Head of Execution Services of Kepler Cheuvreux.
The platform’s technical architecture enables Kepler Cheuvreux to expand its in house developed algorithmic capabilities, resulting in the gradual deployment of several new quantitative trading algorithms including:
> An improved Implementation Shortfall strategy, a proprietary optimal-scheduling strategy, adaptive in both price and volume, balancing market impact and opportunity cost.
> A new Liquidity Seeker, leveraging a new fair value model to capture liquidity across all liquidity types selectively.
> An updated dynamic Target-Close strategy, building on the firm’s volume forecast model and enabling trading across multiple alternative closing venues.
Additionally, the platform also delivers post-trade analysis improvements, with enhanced transaction cost analysis offering clients reversion analysis at both the order and execution levels.
“This new platform, and the algorithmic advances it enables, speaks to our long-term commitment to leverage state-of-the-art technology to create differentiated solutions for our clients.” said Anvar Karimson, Chief Technology Innovation Officer of Kepler Cheuvreux.
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 daily on average.
> 1st Equity Research coverage in Continental Europe.
> 1st Country Leaders Board (Institutional Investor 2020).
> 13 major financial centres in Europe and the US.
> 600 employees.
In 2011, the Kepler Cheuvreux Group launched Kepler Cheuvreux Solutions, the business line dedicated to the research, design and commercialisation of tailor-made structured investment solutions. Being part of the Kepler Cheuvreux Group enables the business line to place Research at the heart of its offering and to benefit from the critical size of a major player in financial services in Europe.
The teams – based in Paris, Geneva, and Zurich – now employs more than 40 experienced professionals, one third of whom are financial engineers.
Today, Kepler Cheuvreux Solutions offers a complete turnkey offer and service, based on four pillars:
1/ Cross-asset research, relying on the largest equity coverage in Europe, with more than 100 analysts.
2/ Financial engineering, designing differentiating investment solutions in full independence.
3/ Open architecture, giving privileged access to more than 30 issuing banks.
4/ Personalised follow-up, combining local commercial support and the implementation of dedicated digital solutions.
With 10 billion euros in products issued since its creation, Kepler Cheuvreux Solutions is today Europe’s leading independent structured investment solutions provider.
« Over the past 10 years, the business line has significantly expanded its range of solutions as well as its geographical coverage. This development has taken place around 5 fundamental values at the service of our clients: creativity, adaptability, independence, cohesion and stability. Over the coming decade, our ambition is to offer as many investors as possible the best in research and tailor-made investment. » stated Nicolas MIARA-GODET, Founder and Head of Kepler Cheuvreux Solutions.
More information here.
In its 10th anniversary year, Kepler Cheuvreux Solutions is awarded as the 2nd best structured product provider by the French magazine “Gestion de Fortune”, and remains the 1st independent for the 6th consecutive year.
We would like to thank all our clients and partners for their trust and support.
Your contacts for France at Kepler Cheuvreux Solutions: Jeremy Sayada, Maxime Livraghi, Eric Sakoun, Emmanuelle Abbou, Edouard de Nadaillac, Nicolas Miara-Godet, Romain Turquem, Jean-Pierre Ané, Dan Lasry, Antoine Ternon, Emmanuel Kragen and Antoine Berger.
Kepler Cheuvreux Solutions is the independent European leader for research, design and commercialisation of tailor-made structured investment solutions. Being part of the Kepler Cheuvreux Group enables the business line to place Research at the heart of its offering and to benefit from the critical size of a major player in financial services in Europe. More information here.
Paris, January 18th, 2021
Kepler Cheuvreux announces three major new appointments to support its strategic ambitions: Grégoire VARENNE as Chairman of the Management Board, Marine BAZÉ as General Secretary and Anvar KARIMSON as Chief Technology Innovation Officer.
“These three appointments show that Kepler Cheuvreux continues to develop its strategy and responds to the challenges imposed by the coronavirus crisis. Our independence and agility will help us to accelerate our digital transformation. Our strategic priorities are to strengthen our position as an independent European leader in financial services specialising in research, execution, advisory and asset management and to continue our diversification.” stated Laurent QUIRIN, Chairman of the Supervisory Board of Kepler Cheuvreux.
Chairman of the Management Board – Grégoire VARENNE
Grégoire VARENNE has been appointed Chairman of the Management Board of Kepler Cheuvreux. Based in Paris, Grégoire VARENNE will focus on the development and strategic plan of the group for the coming years. Benefiting from long and strong management experience in the financial sector, Grégoire’s fields of expertise are capital markets, management, business development, and IT.
Grégoire VARENNE graduated from Mines ParisTech School. He then worked for 20 years at Société Générale where he successively held the positions of Head of UK and Northern European Equity Derivatives, Head of Asia-Pacific Equity Derivatives and Head of Equity Activities for Japan, Head of Fixed Income for Europe and Asia, and finally, Co-head of Fixed Income, Currencies and Commodities (FICC). In 2010, he became a Partner at Viognier Capital Management LLP (an asset management company) and since 2017 Senior Advisor at Aiyo Group (active in capital markets).
General Secretary – Marine BAZÉ
Marine BAZÉ is appointed General Secretary of the group. Also based in Paris, her missions will be to manage and supervise corporate aspects of all group’s legal entities, including relations with external parties such as institutional investors, shareholders and regulators. Both her academic and professional backgrounds are key to success in her new functions.
Marine BAZÉ graduated from the London School of Economics and Political Science in Corporate and Financial Law, and from HEC Paris in International Management. She was a lawyer at the Paris bar and practiced in Private Equity and M&A for almost 8 years at Latham & Watkins and Weil, Gotshal & Manges.
Chief Technology Innovation Officer – Anvar KARIMSON
Anvar KARIMSON is appointed Chief Technology Innovation Officer and will be based in London. The pandemic has revealed a strong and immediate need for technological innovation and a path to digitalisation. Anvar KARIMSON brings a wealth of experience in leading the build and transformation of technology services, and will ensure the group will succeed in the face of new challenges, while also enabling the execution of new business opportunities by the delivery of new technical capabilities.
Anvar KARIMSON has a M.Sc. in Information and Communication Technology from The Royal Institute of Technology of Stockholm. He brings 15 years’ experience of delivering global technological transformation for leading financial services firms. He joins us from BGC Partners where he held the position of Head of Development, Client Facing Technology.
About Kepler Cheuvreux
Kepler Cheuvreux is a leading independent European financial services company which specialises in Research, Execution, Fixed Income and Credit, Structured Solutions, Corporate Finance and Asset Management.
The group employs around 600 staff and is present in 13 major financial centres in Europe and the USA: Amsterdam, Brussels, Frankfurt, Geneva, London, Madrid, Milan, New York, Oslo, Paris, Stockholm, Vienna and Zurich.
Group key figures:
* 1st independent European equity broker
* 2 billion euros of equities traded daily on average
* 1st Equity Research coverage in Continental Europe
* 1st Country Leaders Board (Institutional Investor 2020)
* 13 major financial centres in Europe and the USA
* 600 employees
Monday 18 January 2021, we kick off the 20th edition of the German Corporate Conference, jointly hosted by Kepler Cheuvreux and UniCredit, for the first time held in a fully digital format.
We are proud to expect a record attendance of more than 1000 investors from around the globe and 170 listed German and Austrian Corporates for this three-day annual meet-up. Besides plenary sessions, one-on-one meetings, keynote speeches and panel discussions, participants will have the opportunity to network and exchange with industry peers.
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SmartConnect is the leading Corporate Access service provider in Europe according to the 2020 Institutional Investor survey, with number one rankings in Roadshows, Conferences, Field Trips, Logistics and Team Quality.
Paris, 27th November 2020,
This US Thanksgiving, Thursday 26th November, Kepler Cheuvreux held its 1st Kepler Cheuvreux Charity Trading Day. Thanks to the mobilisation of our Equity Brokerage employees and clients, we have raised €392,892 of donations1. Money raised from the Charity Trading Day will be donated to charities which run food banks, thereby helping people who are economically and socially impacted by the coronavirus crisis: Belgische Federatie van Voedselbanken, City Harvest, Cruz Roja Española, Frankfurter Tafel, Opera San Francesco per i Poveri, Les Restos du Cœur, Secours populaire français and Vereniging van Nederlandse Voedselbanken.
“The Kepler Cheuvreux Charity Trading Day is a very important event for the group. It allows us to mobilise our employees and customers to unite around the same goal: to help and give support to those in need.” Laurent Quirin, Chairman of the Supervisory Board
Kepler Cheuvreux has been highly sensitive to the social and health impacts of the coronavirus crisis in the 12 countries where it operates, and has put a strong emphasis on the protection of its employees and clients since the very beginning of the crisis. Aware of its social responsibility, the group has created the Kepler Cheuvreux Foundation to go a step further by contributing substantially and concretely to the common good. This initiative involves its employees, clients and partners, initially in the context of the coronavirus crisis, and will be expanded to other areas in line with the Foundation’s charter over the coming years. Since its inception, in June 2020, the Foundation has been dedicated to raising money for hospitals, medical research and charitable organisations which support the victims of the economic & social consequences of the coronavirus crisis.
About the Kepler Cheuvreux Foundation:
The Kepler Cheuvreux Foundation was created in June 2020 in response to the pandemic and with the aim of giving back to society. From a standing start, and following the Charity Trading Day, the Foundation will have donated € 1.1M by the end of December. The company has contributed to 14 charities across Europe. More information about the Kepler Cheuvreux Foundation here.
1. Net commission after execution, clearing & settlement fees.
Paris, 23rd November 2020,
The European growth equity fund Move Capital I specialized in the B2B technology sector has been selected by the “TIBI” commission to participate in the financing of French technology companies.
Move Capital was selected by the TIBI committee on 23rd November 2020 following a vetting process involving 22 French Institutional investors. The “TIBI” committee brings together institutional investors committed to deploying more than €6 billion in French funds supporting technology companies. The “TIBI” initiative stems from a report commissioned by the President of the French Republic and published in July 2019, which highlights in particular the lack of Growth Equity financing (after the Venture Capital stage) for French technology companies. The aim of the “TIBI committee is thus to unlock financing available to such high-growth technology companies.
Move Capital brings together a multi-disciplinary team of Tech experts driven by a common vision: the willingness to support the growth of European technology companies in the B2B sector and thus to further European technological sovereignty. The team relies on a broad pan-European experience in the Tech sector with more than 70 years of financial and operational experience. Move Capital aims to actively support the growth of portfolio companies through its team’s hands-on approach. The team also benefits from a first-class strategic committee composed of C-level specialists from the largest European tech companies.
Move Capital’s mission is to address the capital needs of growing European tech companies after the Venture Capital stage. Its investment strategy is focused on companies operating the data value chain. In order to support these technology companies in the key phases of their development, Move Capital aims to raise at least €300 million from strategic and institutional professional investors. Move Capital’s ultimate goal is to become the reference fund for European B2B Tech.
“The Tibi label confirms the relevance of our collaborative approach, which consists of supporting and guiding the growth of our portfolio companies, and which is not just a financial partnership. This differentiating approach is also praised by the target companies with which we are already in dialogue” says Hervé MALAUSSENA, one of Move Capital’s Partners.
“The Tibi report points out a major need for financing and describes an opportunity to strengthen French and European technological sovereignty. This label will allow us to accelerate our fund raising in order to support this sovereignty as soon as possible “ continues Emmanuel RAFFNER, President of KC Invest.
About Move Capital and KC Invest
Move Capital is the Growth Equity strategy of KC Invest, specialized in B2B technology (www.move-capital.com). Move Capital’s multi-disciplinary team is composed of technology experts and aims to support the growth of portfolio companies. It also relies on a strategic committee comprising technology specialists who use their experience and know-how to identify high-potential targets and accompany their growth.
KC Invest is the asset management platform of the Kepler Cheuvreux group (www.kci-invest.com). KC Invest develops a range of funds targeting growth SME’s financing for professional investors, in order to provide tailor-made solutions to the needs of companies and their shareholders in their development projects.
