Paris, 31 January 2022

The Kepler Cheuvreux Group and Ellipsis Asset Management (“Ellipsis AM”) teams are pleased to announce the completion of the acquisition of the latter by Kepler Cheuvreux, announced in October 2021. Kepler Cheuvreux has obtained all the necessary approvals to finalise the acquisition of Ellipsis AM from Exane SA, a subsidiary of the BNP Paribas Group.

By becoming the sole shareholder of Ellipsis AM (minority investment by management underway), Kepler Cheuvreux is strengthening its asset management activities and positioning Ellipsis AM as the cornerstone of its development in listed assets.

With 18 years of investment history and EUR2.5bn of assets under management at the end of 2021, Ellipsis AM is a recognised asset management company in the European and global convertible bond segments as well as in credit markets. The company also offers customised management services, in particular options overlay mandates to hedge equity portfolios.

Ellipsis AM will now rely on the strengths of Kepler Cheuvreux, such as its multi-local network with 13 offices in Europe and the United States. Both signatories of the United Nations Principles for Responsible Investment (PRI), the Kepler Cheuvreux Group and Ellipsis AM place the ESG approach at the heart of their synergies and future developments.

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 31 December 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
* €286 million in sales in 2021
* €48 million in EBITDA in 2021

About Ellipsis AM

With more than 18 years of investment 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 markets. Alongside its open-end fund range, Ellipsis AM 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 its 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 31 December 2021)
* 2003: launch of the first convertibles fund
* €2.5 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 bond and high yield 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 31 December 2021
Past performance is 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 performance is 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 31 December 2021. Morningstar categories: Convertible Bond – Europe / EUR High Yield Bond. I EUR units for rated funds. © 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

Paris, 4 January 2022,

Kepler Cheuvreux Invest announces the first closing of the Move Capital I fund, which specialises in the B2B Technology sector. This first closing is a major step towards reaching the fund’s final objective of gathering EUR300m, and was carried out with the support of leading French and international institutional investors which include the European Investment Fund (EIF) and Bpifrance, and prominent corporate investors, such as Orange, Nokia and SKT, and family offices.

Move Capital I will invest actively in French and European tech companies at the growth stage of their development and which address the data value chain in areas such as cybersecurity, IoT, artificial intelligence and the digital transformation of enterprises. Move Capital I fund received the “TIBI” label from the French government in November 2020 and shares such label with the leading growth equity funds active in the French Technology sector.

Move Capital I brings together a multidisciplinary team of investment and finance professionals, and industrial sectors specialists. The Move Capital team is resolutely anchored in entrepreneurship and driven by a common vision: to support the growth of the French and European Technology champions of tomorrow through a collaborative approach, and always by acting as a responsible investor. The team will draw on its wide ranging pan-European and international experience. It will also rely on its strong technical expertise, which comes from more than 50 years of cumulative experience in the Technology sector. The Move Capital team also benefits from the expertise of the Kepler Cheuvreux Invest platform and the Kepler Cheuvreux Group: its pan-European presence and its leading tech research. Lastly, the team will benefit from the operational experience of the fund Strategic Committee, which brings together major European tech experts.

“This first closing is a key step for our private asset management platform and for Move Capital in particular. We warmly thank all investors who trust us with this fund, as well as all stakeholders. KC Invest, through Move Capital I, is at the service of the future leaders of European Tech ” emphasised Emmanuel Raffner, Chairman of KC Invest.

“This first closing is a major milestone, it allows Move Capital to finance and support future European technological champions with a rigorous, human approach and a reinforced ESG policy. Our investment strategy will allow us to contribute to the French and European effort for the emergence of a sovereign technology ” underlined Sophie Sursock and Hervé Malausséna, the co-founders of Move Capital.

The Move Capital team would like to thank Orange, Nokia, SKT, the European Investment Fund (EIF), Bpifrance, and all of the other investors in the fund, who share their vision: to promote the French and European Technology ecosystem.

About Move Capital

Move Capital is a strategy of KC Invest specialising in Growth Equity, in the field of technologies and digital services and solutions for enterprises with a strong scale-up potential (www.move-capital.com). On top of its extensive experience track-record, the Move Capital team benefits from a rich experience in entrepreneurship and in operational management of technology companies. Move Capital also relies on its Strategic Committee, made of high-profile Technology experts who use their operating experiences and know-hows to identify high-potential targets, to virtuously support the growth of companies, and to apply a consistent and rigorous ESG approach.

About KC Invest

Kepler Cheuvreux Invest, a management company approved by the AMF, is the management platform for unlisted assets of the Kepler Cheuvreux group. The company is a Responsible Investor, and develops a range of funds intended for professionals for the financing of the real economy, by providing tailor-made solutions to meet the needs of European companies and their shareholders (www.kci-invest.com).

This US Thanksgiving, Thursday 25th November 2021, Kepler Cheuvreux held its 2nd Kepler Cheuvreux Charity Trading Day. Thanks to the mobilisation of our Equity Brokerage employees and clients, we have raised €371,00 of donations.

Money raised from the Charity Trading Day will be donated to our anchor projects across Europe which focus on the nurturing, protection & education of young people: Hôpital Necker-Enfants, The children’s oncology and radiology department of Universitäts Klinikum Frankfurt (University Hospital Frankfurt), The Buzzi Foundation, Fundación Soñar Despierto (España), Fundación El Sueño de Vicky, The Charlie Waller Trust, MQ Mental Health Research, Het Vergeten Kind, Fondation Pelicano, MOT Norge et Friends.

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.

–

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 18^th, 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