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{{UPE|date=May 2020}}
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Kepler Cheuvreux is an independent European financial services company specializing in research, execution, advisory, and asset management services.<ref>{{Cite web|url=https://www.bloomberg.com/research//stocks/private/snapshot.asp?privcapid=421130954|title=Company Overview of Kepler Equities (Suisse) SA|last=|first=|date=|website=Bloomberg|archive-url=|archive-date=|dead-url=|access-date=}}</ref> Kepler Cheuvreux has 12 offices in Europe, 2 offices in the United States, and 600 employees worldwide.<ref>{{Cite web|url=https://www.thetradenews.com/kepler-in-talks-to-acquire-ca-cheuvreux/|title=Kepler in talks to acquire CA Cheuvreux|last=|first=|date=June 18, 2012|website=The Trade|archive-url=|archive-date=|dead-url=|access-date=}}</ref>
{{Infobox company
| name = Kepler Cheuvreux
| founded = 1997
| industry = [[Financial services]]
| logo = New_KC_logo_rgb_2_ok.png
| num_locations = 12
| key_people = Laurent Quirin, Grégoire Varenne<ref>{{Cite web|url=https://www.keplercheuvreux.com/en/articles/press-releases/kepler-cheuvreux-announces-three-major-new-appointments/|title=Kepler Cheuvreux announces three major new appointments
|date=January 18, 2021|website=|archive-url=|archive-date=|access-date=}}</ref>
| products = Research, Execution, Advisory, Asset Management
| location = 116, Avenue Kleber, 75016 [[Paris]], [[France]]
| num_employees = 600
| website = {{URL| https://www.keplercheuvreux.com/}}
}}

⚫
'''Kepler Cheuvreux''' is an independent European financial services company specializing in research, execution, advisory, and asset management services.<ref>{{Cite web|url=https://www.bloomberg.com/research//stocks/private/snapshot.asp?privcapid=421130954|title=Company Overview of Kepler Equities (Suisse) SA|last=|first=|date=|website=Bloomberg|archive-url=|archive-date=|access-date=}}</ref><ref>{{Cite web|url=https://www.thetradenews.com/kepler-in-talks-to-acquire-ca-cheuvreux/|title=Kepler in talks to acquire CA Cheuvreux|last=|first=|date=June 18, 2012|website=The Trade|archive-url=|archive-date=|access-date=}}</ref>


== History ==
== History ==


=== 1997: origins ===
=== 1997: origins ===
Kepler Capital Markets was founded in 1997 under the name Julius Baer Brokerage (JBB), a wholly owned subsidiary of Swiss banking group Julius Baer Holding. In 2003, Julius Baer Holding sold JBB to Lightyear Fund, a US [[private equity]] firm.<ref>{{Cite web|url=https://www.wsj.com/articles/SB105843772080561000|title=Julius Baer Agrees to Sell Institutional-Brokerage Unit|last=|first=|date=July 17, 2003|website=The Wall Street Journal|archive-url=|archive-date=|dead-url=|access-date=}}</ref> JBB then changed its name to Kepler Equities, which Icelandic bank Landsbanki acquired two years later in 2005 to develop a diversified financial services company, including equity, bond, and derivative brokerage, corporate finance, debt and credit investment, and investment solutions. Its name changed to Landsbanki Kepler.<ref>{{Cite web|url=https://www.businesswire.com/news/home/20050906005854/en/Lightyear-Capital-Sells-Kepler-Equities-Landsbanki-Islands|title=Lightyear Capital Sells Kepler Equities to Landsbanki Islands; Transaction Valued at EUR 94 Million|last=|first=|date=|website=Business Wire|archive-url=|archive-date=|dead-url=|access-date=}}</ref>
Kepler Capital Markets was founded in 1997 under the name Julius Baer Brokerage (JBB), a wholly owned subsidiary of Swiss banking group Julius Baer Holding. In 2003, Julius Baer Holding sold JBB to Lightyear Fund, a US [[private equity]] firm.<ref>{{Cite web|url=https://www.wsj.com/articles/SB105843772080561000|title=Julius Baer Agrees to Sell Institutional-Brokerage Unit|last=|first=|date=July 17, 2003|website=The Wall Street Journal|archive-url=|archive-date=|access-date=}}</ref> JBB then changed its name to Kepler Equities, which Icelandic bank Landsbanki acquired two years later in 2005 to develop a diversified financial services company, including equity, bond, and derivative brokerage, corporate finance, debt and credit investment, and investment solutions.{{Buzzword inline|date=August 2019}} Its name changed to Landsbanki Kepler.<ref>{{Cite web|url=https://www.businesswire.com/news/home/20050906005854/en/Lightyear-Capital-Sells-Kepler-Equities-Landsbanki-Islands|title=Lightyear Capital Sells Kepler Equities to Landsbanki Islands; Transaction Valued at EUR 94 Million|last=|first=|date=|website=Business Wire|archive-url=|archive-date=|access-date=}}</ref>


=== 2008: MBO and independence ===
=== 2008: MBO and independence ===
Following Landsbanki’s bankruptcy in 2008<ref>{{Cite web|url=https://www.reuters.com/article/sppage012-n09278654-oisbn/third-big-iceland-bank-files-for-u-s-bankruptcy-idUSN0927865420081209|title=Third big Iceland bank files for U.S. bankruptcy|last=|first=|date=December 9, 2008|website=Reuters|archive-url=|archive-date=|dead-url=|access-date=}}</ref>, Kepler Landsbanki was bought out by its employees through an MBO ([[management buyout]]) and changed its name to Kepler Capital Markets (KCM). It became independent and focused solely on brokerage activities.<ref>{{Cite web|url=https://www.globalbankingandfinance.com/about-kepler-capital-markets/|title=About Kepler Capital Markets|last=|first=|date=May 10, 2012|website=Global Banking & Finance Review|archive-url=|archive-date=|dead-url=|access-date=}}</ref>
Following Landsbanki's bankruptcy in 2008,<ref>{{Cite web|url=https://www.reuters.com/article/sppage012-n09278654-oisbn/third-big-iceland-bank-files-for-u-s-bankruptcy-idUSN0927865420081209|title=Third big Iceland bank files for U.S. bankruptcy|last=|first=|date=December 9, 2008|website=Reuters|archive-url=|archive-date=|access-date=}}</ref> Kepler Landsbanki was bought out by its employees through an MBO ([[management buyout]]) and changed its name to Kepler Capital Markets (KCM). It became independent and focused solely on brokerage activities.<ref>{{Cite web|url=https://www.globalbankingandfinance.com/about-kepler-capital-markets/|title=About Kepler Capital Markets|last=|first=|date=May 10, 2012|website=Global Banking & Finance Review|archive-url=|archive-date=|access-date=}}</ref>


=== 2011: Equity investment by new institutional shareholders ===
=== 2011: Equity investment by new institutional shareholders ===
In 2011, the investment firm BlackFin Capital Partners acquired 47% of KCM’scapital, bringing together four institutional shareholders: [[Caisse des dépôts et consignations|Caisse des Dépôts]],Crédit Mutuel Arkéa, and [[Banca Leonardo]], whose brokerage and research unitwas acquired by KCM.<ref>{{Cite web|url=https://www.globalbankingandfinance.com/about-kepler-capital-markets/|title=About Kepler Capital Markets|last=|first=|date=May 10, 2012|website=Global Banking & Finance Review|archive-url=|archive-date=|dead-url=|access-date=}}</ref>
In 2011, the investment firm BlackFin Capital Partners acquired 47% of KCM's capital, bringing together four institutional shareholders: [[Caisse des dépôts et consignations|Caisse des Dépôts]], [[Crédit Mutuel Arkéa]], and [[Banca Leonardo]], whose brokerage and research unit was acquired by KCM.<ref>{{Cite web|url=https://www.globalbankingandfinance.com/about-kepler-capital-markets/|title=About Kepler Capital Markets|last=|first=|date=May 10, 2012|website=Global Banking & Finance Review|archive-url=|archive-date=|access-date=}}</ref>


=== 2011 – 2018: Reshaping of the group and formation of strategic alliances in international markets ===
=== 2011 – 2018: Reshaping of the group and formation of strategic alliances in international markets ===
The decade was marked by the formation of strategic partnerships allowing the group to develop internationally, starting in 2011 with an alliance between KCM and [[UniCredit]]<ref>{{Cite web|url=https://www.next-finance.net/Kepler-Capital-Markets-enters-into|title=Kepler Capital Markets enters into a strategic alliance with UniCredit|last=|first=|date=November 2011|website=Next Finance|archive-url=|archive-date=|dead-url=|access-date=}}</ref> in equity brokerage and equity capital markets, at first in [[Western Europe]] and then in [[Central Europe|Central]] and [[Eastern Europe]] starting in 2012. [[UniCredit]] acquired a stake in KCM in 2013.
The decade was marked by the formation of strategic partnerships allowing the group to develop internationally, starting in 2011 with an alliance between KCM and [[UniCredit]]<ref>{{Cite web|url=https://www.next-finance.net/Kepler-Capital-Markets-enters-into|title=Kepler Capital Markets enters into a strategic alliance with UniCredit|last=|first=|date=November 2011|website=Next Finance|archive-url=|archive-date=|access-date=}}</ref> in equity brokerage and equity capital markets, at first in [[Western Europe]] and then in [[Central Europe|Central]] and [[Eastern Europe]] starting in 2012. [[UniCredit]] acquired a stake in KCM in 2013.


Two years later, in April 2013, KCM acquired Cheuvreux from [[Crédit Agricole CIB]] and re-branded to Kepler Cheuvreux.<ref>{{Cite web|url=https://www.thetradenews.com/kepler-in-talks-to-acquire-ca-cheuvreux/|title=Kepler in talks to acquire CA Cheuvreux|last=|first=|date=July 18, 2012|website=The Trade|archive-url=|archive-date=|dead-url=|access-date=}}</ref> In December 2013, Kepler Cheuvreux acquired the activities of Derivatives Capital, a French company specializing instructured products for independent financial advisors and private banks<ref>{{Cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=241271204|title=Company Overview of Derivatives Capital Kepler Cheuvreux|last=|first=|date=|website=Bloomberg|archive-url=|archive-date=|dead-url=|access-date=}}</ref>, to create a new independent platform in this market.
Two years later, in April 2013, KCM acquired Cheuvreux from [[Crédit Agricole CIB]] and re-branded to Kepler Cheuvreux.<ref>{{Cite web|url=https://www.thetradenews.com/kepler-in-talks-to-acquire-ca-cheuvreux/|title=Kepler in talks to acquire CA Cheuvreux|last=|first=|date=July 18, 2012|website=The Trade|archive-url=|archive-date=|access-date=}}</ref> In December 2013, Kepler Cheuvreux acquired the activities of Derivatives Capital, a French company specializing in structured products for independent financial advisors and private banks,<ref>{{Cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=241271204|title=Company Overview of Derivatives Capital Kepler Cheuvreux|last=|first=|date=|website=Bloomberg|archive-url=|archive-date=|access-date=}}</ref> to create a new independent platform in this market.


In the period 2015 – 2018 Kepler Cheuvreux established strategic ECM & research distribution partnerships with [[Rabobank]] for the [[Netherlands]]<ref>{{Cite web|url=https://www.reuters.com/article/rabobank-kepler-holdings-idUSL8N19D0E8|title=Rabobank outsources equity research and trading to Kepler|last=|first=|date=June 21, 2016|website=Reuters|archive-url=|archive-date=|dead-url=|access-date=}}</ref>, [[Swedbank]] for the Nordics<ref>{{Cite web|url=https://www.thetradenews.com/swedbank-and-kepler-cheuvreux-join-forces-in-equities/|title=Swedbank and Kepler Cheuvreux join forces in equities|last=|first=|date=June 19, 2017|website=The Trade|archive-url=|archive-date=|dead-url=|access-date=}}</ref> and [[Belfius]] for [[Belgium]]<ref>{{Cite web|url=https://www.linkedin.com/pulse/kepler-cheuvreux-signs-ecm-cooperation-agreement-belfius-shin/|title=Kepler Cheuvreux signs ECM cooperation agreement with BELFIUS in Belgium|last=|first=|date=|website=|archive-url=|archive-date=|dead-url=|access-date=}}</ref>. In the same period, the company signed research distribution agreements with [[CIMB]] ([[Asia]]), Piper Jaffray ([[United States|US]]) and [[Canadian Imperial Bank of Commerce|CIBC]] ([[Canada]])<ref>{{Cite web|url=https://www.thetradenews.com/kepler-cheuvreux-extends-equity-research-deal-cibc/|title=Kepler Cheuvreux extends equity research deal with CIBC|last=|first=|date=February 8, 2019|website=The Trade|archive-url=|archive-date=|dead-url=|access-date=}}</ref>. [[Rabobank]], [[Swedbank]], and [[Belfius]] also acquired stakes in Kepler Cheuvreux.<ref>{{Cite web|url=https://www.thetradenews.com/swedbank-and-kepler-cheuvreux-join-forces-in-equities/|title=Swedbank and Kepler Cheuvreux join forces in equities|last=|first=|date=June 19, 2017|website=The Trade|archive-url=|archive-date=|dead-url=|access-date=}}</ref>
In the period 2015 – 2018 Kepler Cheuvreux established strategic ECM & research distribution partnerships with [[Rabobank]] for the [[Netherlands]],<ref>{{Cite web|url=https://www.reuters.com/article/rabobank-kepler-holdings-idUSL8N19D0E8|title=Rabobank outsources equity research and trading to Kepler|last=|first=|date=June 21, 2016|website=Reuters|archive-url=|archive-date=|access-date=}}</ref> [[Swedbank]] for the Nordics<ref>{{Cite web|url=https://www.thetradenews.com/swedbank-and-kepler-cheuvreux-join-forces-in-equities/|title=Swedbank and Kepler Cheuvreux join forces in equities|last=|first=|date=June 19, 2017|website=The Trade|archive-url=|archive-date=|access-date=}}</ref> and [[Belfius]] for [[Belgium]].<ref>{{Cite web|url=https://www.linkedin.com/pulse/kepler-cheuvreux-signs-ecm-cooperation-agreement-belfius-shin/|title=Kepler Cheuvreux signs ECM cooperation agreement with BELFIUS in Belgium|last=|first=|date=|website=|archive-url=|archive-date=|access-date=}}</ref> In the same period, the company signed research distribution agreements with [[CIMB]] ([[Asia]]), Piper Jaffray ([[United States|US]]) and [[Canadian Imperial Bank of Commerce|CIBC]] ([[Canada]]).<ref>{{Cite web|url=https://www.thetradenews.com/kepler-cheuvreux-extends-equity-research-deal-cibc/|title=Kepler Cheuvreux extends equity research deal with CIBC|last=|first=|date=February 8, 2019|website=The Trade|archive-url=|archive-date=|access-date=}}</ref> [[Rabobank]], [[Swedbank]], and [[Belfius]] also acquired stakes in Kepler Cheuvreux.<ref>{{Cite web|url=https://www.thetradenews.com/swedbank-and-kepler-cheuvreux-join-forces-in-equities/|title=Swedbank and Kepler Cheuvreux join forces in equities|last=|first=|date=June 19, 2017|website=The Trade|archive-url=|archive-date=|access-date=}}</ref>


=== 2018: Two new major equity shareholders ===
=== 2018: Two new major equity shareholders ===
Atlas Merchant Capital and Edmond de Rothschild Equity Strategies (ERES) bought out the stake held by BlackFin Capital Partners, giving them an interest in Kepler Cheuvreux in June 2018 of 20% and 7.7%, respectively. However, 40% of Kepler Cheuvreux’s voting rights continue to be controlled by its management and employees.<ref>{{Cite web|url=https://capitalfinance.lesechos.fr/deals/capital-developpement/kepler-cheuvreux-fait-entrer-atlas-merchant-capital-et-eres-127950|title=Kepler Cheuvreux fait entrer Atlas Merchant Capital et Eres|last=|first=|date=June 27, 2018|website=Capital Finance Les Echos|archive-url=|archive-date=|dead-url=|access-date=}}</ref>
Atlas Merchant Capital and Edmond de Rothschild Equity Strategies (ERES) bought out the stake held by BlackFin Capital Partners, giving them an interest in Kepler Cheuvreux in June 2018 of 20% and 7.7%, respectively. However, 40% of Kepler Cheuvreux's voting rights continue to be controlled by its management and employees.<ref>{{Cite web|url=https://capitalfinance.lesechos.fr/deals/capital-developpement/kepler-cheuvreux-fait-entrer-atlas-merchant-capital-et-eres-127950|title=Kepler Cheuvreux fait entrer Atlas Merchant Capital et Eres|last=|first=|date=June 27, 2018|website=Capital Finance Les Echos|archive-url=|archive-date=|access-date=}}</ref>


== Activities ==
== Activities ==


=== Research ===
=== Research ===
Kepler Cheuvreux’s research activity, which includes analyzing financial securities such as equities and bonds, employs more than 120 analysts and covers more than 1,000 companies in [[Europe]].<ref>{{Cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=6299918|title=Company Overview of Kepler Cheuvreux SA|last=|first=|date=|website=Bloomberg|archive-url=|archive-date=|dead-url=|access-date=}}</ref>
Kepler Cheuvreux's research activity, which includes analyzing financial securities such as equities and bonds, employs more than 120 analysts and covers more than 1,000 companies in [[Europe]].<ref>{{Cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=6299918|title=Company Overview of Kepler Cheuvreux SA|last=|first=|date=|website=Bloomberg|archive-url=|archive-date=|access-date=}}</ref>


In June 2015, the company signed a partnership with the Asian investment bank [[CIMB]] for reciprocal distribution of their research in their respective markets. Since February 2017, Kepler Cheuvreux has been distributing in [[Europe]] the equity research of Piper Jaffray, a [[United States|US]] [[Investment banking|investment bank]].<ref>{{Cite web|url=https://www.thetradenews.com/kepler-cheuvreux-signs-research-agreement-with-us-broker/|title=Kepler Cheuvreux signs research agreement with US broker|last=|first=|date=February 24, 2017|website=The Trade|archive-url=|archive-date=|dead-url=|access-date=}}</ref> In September 2018, the French financial services group exported its research to [[Canada]] with a partnership with [[Canadian Imperial Bank of Commerce|CIBC]].<ref>{{Cite web|url=https://www.thetradenews.com/kepler-cheuvreux-extends-equity-research-deal-cibc/|title=Kepler Cheuvreux extends equity research deal with CIBC|last=|first=|date=February 8, 2019|website=The Trade|archive-url=|archive-date=|dead-url=|access-date=}}</ref>
In June 2015, the company signed a partnership with the Asian investment bank [[CIMB]] for reciprocal distribution of their research in their respective markets. Since February 2017, Kepler Cheuvreux has been distributing in [[Europe]] the equity research of Piper Jaffray, a [[United States|US]] [[Investment banking|investment bank]].<ref>{{Cite web|url=https://www.thetradenews.com/kepler-cheuvreux-signs-research-agreement-with-us-broker/|title=Kepler Cheuvreux signs research agreement with US broker|last=|first=|date=February 24, 2017|website=The Trade|archive-url=|archive-date=|access-date=}}</ref> In September 2018, the French financial services group exported its research to [[Canada]] with a partnership with [[Canadian Imperial Bank of Commerce|CIBC]].<ref>{{Cite web|url=https://www.thetradenews.com/kepler-cheuvreux-extends-equity-research-deal-cibc/|title=Kepler Cheuvreux extends equity research deal with CIBC|last=|first=|date=February 8, 2019|website=The Trade|archive-url=|archive-date=|access-date=}}</ref>


External surveys such as [[Extel]] recognize the quality of the firm’s research. In the [[Extel]] 2018 survey, Kepler Cheuvreux was ranked 1st for Leading [[Brokerage]] Firm – Countries in [[Europe]], 2nd Best [[Broker]] for Research (Quoted Companies) and first for Corporate Access.<ref>{{Cite web|url=http://www.extelsurveys.com/extel-2018/|title=Extel 2018 WINNERS|last=|first=|date=|website=Extel|archive-url=|archive-date=|dead-url=|access-date=}}</ref>
External surveys such as [[Extel]] recognize the quality of the firm's research. In the [[Extel]] 2018 survey, Kepler Cheuvreux was ranked 1st for Leading [[Brokerage]] Firm – Countries in [[Europe]], 2nd Best [[Broker]] for Research (Quoted Companies) and first for Corporate Access.<ref>{{Cite web|url=http://www.extelsurveys.com/extel-2018/|title=Extel 2018 WINNERS|last=|first=|date=|website=Extel|archive-url=|archive-date=|access-date=}}</ref>


=== Execution ===
=== Execution ===
Kepler Cheuvreux’s Execution activity processes buy and sell orders in financial securities such as equities, bonds, derivatives, warrants, ETFs and convertible bonds. Using an in-house trading platform acquired in 2013, this activity consists of 12 execution offices, 77 experts, and membership of 103 major global markets.
Kepler Cheuvreux's Execution activity processes buy and sell orders in financial securities such as equities, bonds, derivatives, warrants, ETFs and convertible bonds. Using an in-house trading platform acquired in 2013, this activity consists of 12 execution offices, 77 experts, and membership of 103 major global markets.


Kepler Cheuvreux is ranked second in the “Trading & Execution” category of the 2018 [[Extel]] survey and first in the “Overall Outperformer in Algorithmic Trading”<ref>{{Cite web|url=http://www.extelsurveys.com/extel-2018/|title=Extel 2018 WINNERS|last=|first=|date=|website=Extel|archive-url=|archive-date=|dead-url=|access-date=}}</ref> and “Best Trading Performance” categories by ‘The Trade’ magazine.<ref>{{Cite web|url=https://www.thetradenews.com/trades-leaders-trading-2018-winners-announced/|title=The TRADE’s Leaders in Trading 2018 winners announced|last=|first=|date=November 23, 2018|website=The Trade|archive-url=|archive-date=|dead-url=|access-date=}}</ref>
Kepler Cheuvreux is ranked second in the “Trading & Execution” category of the 2018 [[Extel]] survey and first in the “Overall Outperformer in Algorithmic Trading”<ref>{{Cite web|url=http://www.extelsurveys.com/extel-2018/|title=Extel 2018 WINNERS|last=|first=|date=|website=Extel|archive-url=|archive-date=|access-date=}}</ref> and “Best Trading Performance” categories by ‘The Trade’ magazine.<ref>{{Cite web|url=https://www.thetradenews.com/trades-leaders-trading-2018-winners-announced/|title=The TRADE's Leaders in Trading 2018 winners announced|last=|first=|date=November 23, 2018|website=The Trade|archive-url=|archive-date=|access-date=}}</ref>


=== Advisory ===
=== Advisory ===
Kepler Cheuvreux offers companies advisory services in investment banking & equity capital markets in conjunction with its banking partners (CACIB, [[UniCredit]], [[Rabobank]], [[Swedbank]], and [[Belfius]]), investment solutions (creation of structured products), debt services (offering liquidity in the primary and secondary bond markets), and specific services to private banks and retail banking networks.
Kepler Cheuvreux offers companies advisory services in investment banking & equity capital markets in conjunction with its banking partners (CACIB, [[UniCredit]], [[Rabobank]], [[Swedbank]], and [[Belfius]]), investment solutions{{Buzzword inline|date=August 2019}} (creation of structured products), debt services (offering liquidity in the primary and secondary bond markets), and specific services to private banks and retail banking networks.

=== Asset management ===
In 2018, Kepler Cheuvreux diversified its activities into asset management with the acquisition of an asset management company. Renamed KCI, this entity is responsible for developing two activities: one dedicated to preferred equity (financing in the form of [[mezzanine debt]] and quasi-equity products) and the other dedicated to private debt in the form of [[Euro Plus Pact|Euro PP]] and [[senior debt]].


== Organization ==
== Organization ==


=== Shareholders ===
=== Shareholders ===
Atlas Merchant Capital and Eres (Edmond de Rothschild Equity Strategies) acquired a stake in Kepler Cheuvreux in June 2018.<ref>{{Cite web|url=https://www.gide.com/en/news/gide-counsel-on-opening-up-the-share-capital-of-kepler-cheuvreux-to-two-new-shareholders|title=Gide, counsel on opening up the share capital of Kepler Cheuvreux to two new shareholders|last=|first=|date=June 29, 2018|website=Gide|archive-url=|archive-date=|dead-url=|access-date=}}</ref> As an independent company, Kepler Cheuvreux's share ownership was as follows in 2018: Management and employees (25.5%), Atlas Merchant Capital (20.0%), [[Crédit Agricole CIB]] (15.1%), [[UniCredit]] (10.3%), Eres (7.7%), [[Swedbank]] (6%), [[Caisse des dépôts et consignations|Caisse Des Dépôts]] (5.2%), [[Belfius]] (5.2%), and [[Rabobank]] (5%).<ref>{{Cite web|url=https://www.unicreditgroup.eu/en/press-media/press-releases/2018/unicredit-strengthens-its-strategic-alliance-with-kepler-cheuvre.html|title=UniCredit strengthens its strategic alliance with Kepler Cheuvreux|last=|first=|date=June 27, 2018|website=UniCredit Group|archive-url=|archive-date=|dead-url=|access-date=}}</ref> Kepler Cheuvreux’s management and employees control 40% of the voting rights.
Atlas Merchant Capital and Eres (Edmond de Rothschild Equity Strategies) acquired a stake in Kepler Cheuvreux in June 2018.<ref>{{Cite web|url=https://www.gide.com/en/news/gide-counsel-on-opening-up-the-share-capital-of-kepler-cheuvreux-to-two-new-shareholders|title=Gide, counsel on opening up the share capital of Kepler Cheuvreux to two new shareholders|last=|first=|date=June 29, 2018|website=Gide|archive-url=|archive-date=|access-date=}}</ref> As an independent company, Kepler Cheuvreux's share ownership was as follows in 2018: Management and employees (25.5%), Atlas Merchant Capital (20.0%), [[Crédit Agricole CIB]] (15.1%), [[UniCredit]] (10.3%), Eres (7.7%), [[Swedbank]] (6%), [[Caisse des dépôts et consignations|Caisse Des Dépôts]] (5.2%), [[Belfius]] (5.2%), and [[Rabobank]] (5%).<ref>{{Cite web|url=https://www.unicreditgroup.eu/en/press-media/press-releases/2018/unicredit-strengthens-its-strategic-alliance-with-kepler-cheuvre.html|title=UniCredit strengthens its strategic alliance with Kepler Cheuvreux|last=|first=|date=June 27, 2018|website=UniCredit Group|archive-url=|archive-date=|access-date=}}</ref> Kepler Cheuvreux's management and employees control 40% of the voting rights.{{Citation needed|date=November 2024}}


=== Governance ===
=== Governance ===
Kepler Cheuvreux is a limited company governed by an [[Executive Board]] and a [[Supervisory board|Supervisory Board]]. The Supervisory Board and the Executive Board are chaired by Laurent Quirin and Guillaume Cadiou, respectively.<ref>{{Cite web|url=https://www.bloomberg.com/research/stocks/private/people.asp?privcapId=6299918|title=Company Overview of Kepler Cheuvreux SA|last=|first=|date=|website=Bloomberg|archive-url=|archive-date=|dead-url=|access-date=}}</ref>
Kepler Cheuvreux is a limited company governed by an [[Executive Board]] and a [[Supervisory board|Supervisory Board]]. The supervisory board and the executive board are chaired by Laurent Quirin and Grégoire Varenne, respectively.<ref>{{Cite web|url=https://www.keplercheuvreux.com/en/articles/press-releases/kepler-cheuvreux-announces-three-major-new-appointments/|title=Kepler Cheuvreux announces three major new appointments|date=January 18, 2021|website=|archive-url=|archive-date=|access-date=}}</ref>

== Locations ==
Kepler Cheuvreux has 14 research offices worldwide: 12 in Europe (Amsterdam, Brussels, Frankfurt, Geneva, London, Madrid, Milan, Oslo, Paris, Stockholm, Vienna, and Zurich) and two in the United States (New York and Boston).<ref>{{Cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=6299918|title=Company Overview of Kepler Cheuvreux SA|last=|first=|date=|website=Bloomberg|archive-url=|archive-date=|dead-url=|access-date=}}</ref>


== References ==
== References ==
<references />
<references />


[[Category:Banks of Europe]]
[[Category:Financial services companies established in 1997]]
[[Category:Companies established in 1997]]
[[Category:Companies based in Paris]]
[[Category:Financial services companies of Europe]]

Latest revision as of 11:40, 28 November 2024

Kepler Cheuvreux
IndustryFinancial services
Founded1997
Headquarters116, Avenue Kleber, 75016 Paris, France
Number of locations
12
Key people
Laurent Quirin, Grégoire Varenne[1]
ProductsResearch, Execution, Advisory, Asset Management
Number of employees
600
Websitewww.keplercheuvreux.com

Kepler Cheuvreux is an independent European financial services company specializing in research, execution, advisory, and asset management services.[2][3]

History

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1997: origins

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Kepler Capital Markets was founded in 1997 under the name Julius Baer Brokerage (JBB), a wholly owned subsidiary of Swiss banking group Julius Baer Holding. In 2003, Julius Baer Holding sold JBB to Lightyear Fund, a US private equity firm.[4] JBB then changed its name to Kepler Equities, which Icelandic bank Landsbanki acquired two years later in 2005 to develop a diversified financial services company, including equity, bond, and derivative brokerage, corporate finance, debt and credit investment, and investment solutions.[buzzword] Its name changed to Landsbanki Kepler.[5]

2008: MBO and independence

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Following Landsbanki's bankruptcy in 2008,[6] Kepler Landsbanki was bought out by its employees through an MBO (management buyout) and changed its name to Kepler Capital Markets (KCM). It became independent and focused solely on brokerage activities.[7]

2011: Equity investment by new institutional shareholders

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In 2011, the investment firm BlackFin Capital Partners acquired 47% of KCM's capital, bringing together four institutional shareholders: Caisse des Dépôts, Crédit Mutuel Arkéa, and Banca Leonardo, whose brokerage and research unit was acquired by KCM.[8]

2011 – 2018: Reshaping of the group and formation of strategic alliances in international markets

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The decade was marked by the formation of strategic partnerships allowing the group to develop internationally, starting in 2011 with an alliance between KCM and UniCredit[9] in equity brokerage and equity capital markets, at first in Western Europe and then in Central and Eastern Europe starting in 2012. UniCredit acquired a stake in KCM in 2013.

Two years later, in April 2013, KCM acquired Cheuvreux from Crédit Agricole CIB and re-branded to Kepler Cheuvreux.[10] In December 2013, Kepler Cheuvreux acquired the activities of Derivatives Capital, a French company specializing in structured products for independent financial advisors and private banks,[11] to create a new independent platform in this market.

In the period 2015 – 2018 Kepler Cheuvreux established strategic ECM & research distribution partnerships with Rabobank for the Netherlands,[12] Swedbank for the Nordics[13] and Belfius for Belgium.[14] In the same period, the company signed research distribution agreements with CIMB (Asia), Piper Jaffray (US) and CIBC (Canada).[15] Rabobank, Swedbank, and Belfius also acquired stakes in Kepler Cheuvreux.[16]

2018: Two new major equity shareholders

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Atlas Merchant Capital and Edmond de Rothschild Equity Strategies (ERES) bought out the stake held by BlackFin Capital Partners, giving them an interest in Kepler Cheuvreux in June 2018 of 20% and 7.7%, respectively. However, 40% of Kepler Cheuvreux's voting rights continue to be controlled by its management and employees.[17]

Activities

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Research

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Kepler Cheuvreux's research activity, which includes analyzing financial securities such as equities and bonds, employs more than 120 analysts and covers more than 1,000 companies in Europe.[18]

In June 2015, the company signed a partnership with the Asian investment bank CIMB for reciprocal distribution of their research in their respective markets. Since February 2017, Kepler Cheuvreux has been distributing in Europe the equity research of Piper Jaffray, a US investment bank.[19] In September 2018, the French financial services group exported its research to Canada with a partnership with CIBC.[20]

External surveys such as Extel recognize the quality of the firm's research. In the Extel 2018 survey, Kepler Cheuvreux was ranked 1st for Leading Brokerage Firm – Countries in Europe, 2nd Best Broker for Research (Quoted Companies) and first for Corporate Access.[21]

Execution

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Kepler Cheuvreux's Execution activity processes buy and sell orders in financial securities such as equities, bonds, derivatives, warrants, ETFs and convertible bonds. Using an in-house trading platform acquired in 2013, this activity consists of 12 execution offices, 77 experts, and membership of 103 major global markets.

Kepler Cheuvreux is ranked second in the “Trading & Execution” category of the 2018 Extel survey and first in the “Overall Outperformer in Algorithmic Trading”[22] and “Best Trading Performance” categories by ‘The Trade’ magazine.[23]

Advisory

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Kepler Cheuvreux offers companies advisory services in investment banking & equity capital markets in conjunction with its banking partners (CACIB, UniCredit, Rabobank, Swedbank, and Belfius), investment solutions[buzzword] (creation of structured products), debt services (offering liquidity in the primary and secondary bond markets), and specific services to private banks and retail banking networks.

Organization

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Shareholders

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Atlas Merchant Capital and Eres (Edmond de Rothschild Equity Strategies) acquired a stake in Kepler Cheuvreux in June 2018.[24] As an independent company, Kepler Cheuvreux's share ownership was as follows in 2018: Management and employees (25.5%), Atlas Merchant Capital (20.0%), Crédit Agricole CIB (15.1%), UniCredit (10.3%), Eres (7.7%), Swedbank (6%), Caisse Des Dépôts (5.2%), Belfius (5.2%), and Rabobank (5%).[25] Kepler Cheuvreux's management and employees control 40% of the voting rights.[citation needed]

Governance

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Kepler Cheuvreux is a limited company governed by an Executive Board and a Supervisory Board. The supervisory board and the executive board are chaired by Laurent Quirin and Grégoire Varenne, respectively.[26]

References

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  1. ^ "Kepler Cheuvreux announces three major new appointments". January 18, 2021.
  2. ^ "Company Overview of Kepler Equities (Suisse) SA". Bloomberg.
  3. ^ "Kepler in talks to acquire CA Cheuvreux". The Trade. June 18, 2012.
  4. ^ "Julius Baer Agrees to Sell Institutional-Brokerage Unit". The Wall Street Journal. July 17, 2003.
  5. ^ "Lightyear Capital Sells Kepler Equities to Landsbanki Islands; Transaction Valued at EUR 94 Million". Business Wire.
  6. ^ "Third big Iceland bank files for U.S. bankruptcy". Reuters. December 9, 2008.
  7. ^ "About Kepler Capital Markets". Global Banking & Finance Review. May 10, 2012.
  8. ^ "About Kepler Capital Markets". Global Banking & Finance Review. May 10, 2012.
  9. ^ "Kepler Capital Markets enters into a strategic alliance with UniCredit". Next Finance. November 2011.
  10. ^ "Kepler in talks to acquire CA Cheuvreux". The Trade. July 18, 2012.
  11. ^ "Company Overview of Derivatives Capital Kepler Cheuvreux". Bloomberg.
  12. ^ "Rabobank outsources equity research and trading to Kepler". Reuters. June 21, 2016.
  13. ^ "Swedbank and Kepler Cheuvreux join forces in equities". The Trade. June 19, 2017.
  14. ^ "Kepler Cheuvreux signs ECM cooperation agreement with BELFIUS in Belgium".
  15. ^ "Kepler Cheuvreux extends equity research deal with CIBC". The Trade. February 8, 2019.
  16. ^ "Swedbank and Kepler Cheuvreux join forces in equities". The Trade. June 19, 2017.
  17. ^ "Kepler Cheuvreux fait entrer Atlas Merchant Capital et Eres". Capital Finance Les Echos. June 27, 2018.
  18. ^ "Company Overview of Kepler Cheuvreux SA". Bloomberg.
  19. ^ "Kepler Cheuvreux signs research agreement with US broker". The Trade. February 24, 2017.
  20. ^ "Kepler Cheuvreux extends equity research deal with CIBC". The Trade. February 8, 2019.
  21. ^ "Extel 2018 WINNERS". Extel.
  22. ^ "Extel 2018 WINNERS". Extel.
  23. ^ "The TRADE's Leaders in Trading 2018 winners announced". The Trade. November 23, 2018.
  24. ^ "Gide, counsel on opening up the share capital of Kepler Cheuvreux to two new shareholders". Gide. June 29, 2018.
  25. ^ "UniCredit strengthens its strategic alliance with Kepler Cheuvreux". UniCredit Group. June 27, 2018.
  26. ^ "Kepler Cheuvreux announces three major new appointments". January 18, 2021.
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