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ABOUT US
 

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MANAGEMENT

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With over 20 years of investment management history, ELLIPSIS AM targets specialized, value-added assets.

Ellipsis AM is a benchmark manager of European and global convertible bonds. It has also developed management capabilities in corporate bond, volatility and listed derivatives.

Our activity is structured around three Asset Management divisions :

Convertibles
& CrEdit



This division specializes in value-added asset classes that have been a core part of our heritage since 2003.

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alternative
& Risk Mitigation strategies

Since 2008, the division has been developing expertise in equity portfolio hedging and risk allocation solutions.

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Solution
Funds


The division strengthens the Kepler Cheuvreux Group's investment offering by developing structured funds for institutional and corporate investors.

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A research-driven philosophy

Research is at the heart of our set-up, and our management teams rely on a suitable selection of external financial and extra-financial research.

Risk management at the heart of the processe

Risk management is inherent to the very nature of the targeted asset classes. It is therefore integrated upstream from portfolio construction and monitored on an ex-post basis.

20 year

Investment management track-record

4.8 bn

euros of 

25 

employees in Paris, Geneva and Milan*

Source : Ellipsis AM – 06/30/2025 
*Collaborator Kepler Cheuvreux

NEWSLETTERS

NL Macro

MACRO

NL C&C

Convertibles
& crEdit

NL RMS

Alternative
& Risk Mitigation strategies 

MANAGEMENT & DIVISIONS HEAD

seb photos article FR

Sébastien
CARON

CEO,
Chairman of the Management Board, 

  • Graduated of ISFA in 1996, he joined the Exane group in 2001. For 8 years he specialised in convertible bonds at Schelcher-Prince Finance (sales-trading and market-making), and then at Exane Derivatives (sales). He then spent 8 years developing and managing part of the equity and credit derivatives business. He joined Ellipsis AM in 2014 as convertible manager. In 2021, he became co-head of the Convertibles & Credit division and a member of the Executive Board. From 2023, he becomes Chairman of the Executive Board of Ellipsis AM while continuing his duties within the convertible management division.
thouraya photos article FR

Thouraya 
JARRAY

Deputy General Manager in charge of Solution Funds 
 

  • Graduated of Arts et Métiers ParisTech and Télécom Paris, Thouraya began
    her career in 1992 at Vivendi as a business development engineer. In 1993, she
    joined BNP Paribas Equity Derivative as IT engineer for front office desks, before
    becoming chief operating officer in 1997 and senior structurer in 2001. In 2005,
    Thouraya JARRAY joined Lyxor Asset Management as managing director and
    global head of fund structuring. In 2013, she continued her career at La Française
    Investment Solutions as deputy managing director in charge of product
    structuring and legal affairs. She joined the Kepler Cheuvreux group in 2023 and joined Ellipsis AM in September 2024 as Deputy General Manager in charge of developing the Solution Funds division.
nicolas

Nicolas
SCHRAMECK

Member of the management Board, Head of Convertibles & Credit

  • Graduated of EDHEC Business School, CFA, he began his career in 2008 at JP Morgan AM. He then spent 6 years at Edmond de Rothschild AM managing global convertible funds and also invested in emerging zones and Japan. In 2015, he joined Aviva Investors as co-manager of their global convertible funds. He joined Ellipsis AM in 2017 as a convertible manager. In 2021, he became Co-Head of the Convertible & Credit division and member of the Executive Board. From 2023, he becomes Head of the Convertibles & Credit division.
alex

Alexandre
RYO

Head of Alternative & Risk Mitigation Strategies
 

  • After graduating from ESIEA (Ecole Supérieure d'Informatique, d'Electronique et d'Automatisme) and a Master's degree in Finance from ESSEC, he joined the Exane group in 2012 as an assistant trader on index volatility. He joined Ellipsis AM in 2013 as fund manager. From 2015, he developed the overlay expertise through the implementation of mandates for European institutional clients. He becomes head of the development of the  Alternative & Risk Mitigation Strategies division in 2021.
Gildas HITA DE NERCY

Gildas
HITA DE NERCY

Member of the management Board, Senior Strategist

  • Graduated from the Ecole Supérieure d'Electricité (Supelec) in 1982, he founded in 1987 Sophis, a provider of convertible bond and equity derivative valuation platforms. In 1992, he joined the Exane Group to develop and direct research on convertibles, credit and options. After 20 years as Head of Research, he took over as Head of Ellipsis AM in 2012 and anchored the company's specialised and recognised management for 10 years.  From 2023, he becomes Senior Managing Director & member of the Executive Board.
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