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