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ABOUT US

Our DNA
Our timeline
our SERVICES
our team
BROCHURE

our DNa

With a track-record of more than 20 years in investment management, Ellipsis AM targets high-value-added asset classes. 

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

A traditionally institutional European client base

Nine manager-analysts on three specialised investment management desks focus our expertise on niche asset classes. The Convertibles & Credit team has housed our long-standing and well-regarded investment management capabilities since 2003. And, since 2008, the Alternative & Overlay Solutions team has developed know-how dedicated to equity portfolio hedging solutions and risk allocation.  Finally, the Solutions Funds  division develops structured funds for institutionals and corporate investors.

A European and historically institutional client base

We address the needs of various investor profiles, mainly institutionals (including insurance assets, pension funds and foundations), as well as private investment management, multi-strategy and family offices. Our offers are marketed directly as well as through distributors in Europe, including by our Swiss subsidiary since 2019. Our main funds are registered in France, Switzerland, Italy, Luxembourg and Spain. 

INSTITUTIONAL POSITIONING

90

for institutional investors

(Including insurance companies, pension funds, foundations and associations)

44

in mandates and dedicated funds

For European institutionals

collecte image

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 processes

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 years

Investment management track-record

3, 7 bn

euros of 

25 

employees in Paris, Geneva and Milan*

Source : Ellipsis AM – March 28, 2024
*Collaborator Kepler Cheuvreux

our timeline

Ellipsis AM is an independent French asset management company created within the Exane group and is now a subsidiary of Kepler Cheuvreux.

2024

Ellipsis Asset Management Acquires the convertible bond business of Edmond De Rothschild Asset Manageme

2023

Launch of the « Solution Funds » division

2022

Ellipsis AM joins Kepler Cheuvreux. Launch of Ellipsis Disruption Convertible Fund & Ellipsis Credit Road 2028

2021

Asset management is reorganised into two desks: Convertibles & Corporates and Overlay & Customised Solutions    

2019

Swiss subsidiary established, signing of the UN PRI, and launch of the global convertibles capability    

2012

Launch of the corporate bond capability

2008

Launch of the equity overlay capability

2003

Launch of the convertible bond capability

OUR SERVICES

Responsive & by your side

Standing alongside you for the long term is one of our bedrock values. As a group, our teams are committed to quality client service, which they express in the transparency of their regular reports and their close attention to investor relationships.

TRANSPARENCY

RESEARCH & ANALYSIS

Reportings mensuels

Performance Reports
monthly

Fund Review
quarterly

Data processing

Data processing
- Regulatory data (MiFID, PRIIPS via TPT, EMT, EPT and EET)
- Transition management 
- Risk and ESG indicators
- SCR for Solvency II
- Tax data
- Questionnaires & due diligence
 

Market Focus

The weekly « Market Focus »
- Each week, one of our managers shares his views:
- Focus: Macro
- Focus: Convertibles
- Focus: Corporates
- Focus: Convex Solutions

Communication tactique

Tactical communication 
On-the-spot analyses of market and portfolio newsflow
 

BY YOUR SIDE

200 meetings one-to-one

200 meetings one-to-one
On average each year

Tables rondes

Panel discussions
Recurring opportunities for discussion with management teams

Webinars

Webinars
Live updates on our investment capabilities in reaction to newsflow

BESPOKE SERVICES

Fonds dédiés

Dedicated funds & mandates mainly for European institutional investors

Solutions sur mesure Overlay

Bespoke solutions 
Alternative & Overlay Solutions

FIND OUT +
portefeuilles conçus

Portfolios designed and personalised based on your specifications (such as risk/reward objectives and constraints and ESG commitments)

Gestion dédiée é mandats

Dedicated funds and Convertibles & Credit mandates 

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Convertibles
& Credit

Recognised expertise & experience in dedicated funds & mandates

EXPLORE

Overlay & Customised Solutions

A range of services (mandates, discretionary management and dedicated funds) for each investment issue

EXPLORE

Solution Funds

A division that develops structured funds for institutional and corporate investors

EXPLORE

1,6 bn

euros of  

In dedicated funds and mandates
(As of December 31, 2023)

ELLIPSIS AM TEAMS

all
management board
fund management division
Economics & Strategy
transversal functions
commercial relationships
Sébastien CARON

Sébastien
CARON

CEO, Chairman of the Management Board, Convertible Portfolio Manager 

  • 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.
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.
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.
Véronique FOURNET

Véronique
FOURNET

Head of project management & ESG

Antoine BERGER

Antoine
BERGER

Head of Marketing, Communication & Events              *Kepler Cheuvreux

Rémi CATHELIN

Rémi
CATHELIN

Marketing Officer                      *Kepler Cheuvreux

anibal rodrigues

Anibal
RODRIGUES

Head of Middle Office

Romain Sandré

Romain
SANDRE

Middle Office

Clément HUBERT

Clément
HUBERT

Risk officer

nicolas

Nicolas
SCHRAMECK

Head of Convertibles & Credit, Member of the Management Board

  • 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.
Sébastien CARON

Sébastien
CARON

CEO, Portfolio Manager - Convertible Bonds

  • A graduate 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.
Pénélope DUGAS

Pénélope
DUGAS

Portfolio Manager - Convertible Bonds

  • Graduated from Hong Kong University of Science & Technology (HKUST) and Paris-Dauphine University,  she was a sell-side analyst at J.P. Morgan covering the European Food Retail and Leisure sectors. She joined Ellipsis AM in 2019 as a dedicated analyst to the convertible asset class within the Convertible & Credit division. In March 2023, she became convertible portfolio manager - analyst.
Cyril BATKIN

Cyril
BATKIN

Portfolio Manager - Convertible Bonds

  • Graduated from the Management School of Bordeaux and from ESLSCA with a MBA in Finance-Trading, he started in 2007 at Natixis as a convertible and equity derivatives market-maker in EMEA/Japan/Asia for 3 years. In 2010, he joined Mitsubishi UFJ Securities in London to create the Europe/EMEA convertible and equity derivatives market-making platform. Between 2016 and 2021, he was in charge of several trading activities at Candriam, notably in global convertibles, emerging debt, high yield and investment grade, first in Brussels and then in Paris. He joined Ellipsis AM's Convertibles & Credit division in August 2021 as a senior convertibles trader. In March 2023, he bacame convertible portfolio manager - trader.
Delphine  LALOUM

Delphine 
LALOUM

Credit & High Yield
Portfolio Manager

  • Delphine Laloum joined ADI in 2002 as an analyst for 4 years in various asset classes. In 2006, she became a trader in convertible bonds and derivatives at Natixis CIB and then High Yield Market Maker. In 2013, she was in charge of the High Yield management team for Rothschild & Cie and developed dated and ESG-certified funds. In 2022, she joined Ellipsis AM as Credit & High Yield Manager, in charge of Ellipsis High Yield Fund. Delphine holds a DESS in banking and finance, is a graduate of the French Society of Financial Analysts and holds the ESG Investing certification of the CFA Institute.
Nicolas BLANC

Nicolas
BLANC

Portfolio Manager, Head of Economic Research

  • A graduate of ENS Saint-Cloud and ENSAE, he was successively Head of Equity Derivatives Research at CAI Chevreux for 4 years, Head of Arbitrage Risk Research at Kepler Securities for 2 years, and then Head of BNP Paribas Equity Derivatives Research. In 2006, he created a multi-strategy hedge fund in partnership with BNP Paribas. He joined Exane Derivatives in 2010 as Head of Institutional Research, then Ellipsis AM in 2012 as Head of Allocation, in charge of macro analysis. He is now co-head the Overlay & Customised Portfolio Solutions division among which he manages multi-credit allocation fund of funds and mandates.
Alexandre RYO

Alexandre
RYO

Head of Alternative & Overlay Solutions

  • 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  Overlay & Customised Portfolio Solutions division in 2021.
Pierre GALLICE

Pierre
GALLICE

Head of Overlay Startegies & Portfolio Manager 

  • After graduating from Epita and with a Master's in technical financial from ESSEC, Pierre joined CIC in 2007, spending 14 years in own-account index derivatives and equities trading. He specialised firstly in the US market for 8 years, before becoming head of systematic strategies for global index derivatives and equities as of 2016. He joined the Ellipsis AM Overlay & Customised Portfolio Solutions division in June 2021 as senior manager of funds and mandates.
M

Manel
DE LAFORCADE

Head of Solution Funds

  • Graduated from “Ecole Centrale de Paris” and from Laure-Elie master in Paris 7, Manel started in 2011 in Volatility Trading at Société Générale and then in Inflation Trading at Natixis, subsequently at BNP Paribas in equity index structuring. In 2015, she joined LFIS Capital (formerly La Française Investment Solutions) as a portfolio manager to develop tailor made solutions (structured product funds, equity hedged funds, BtB cash enhancement funds), she was also responsible for the cross asset Volatility Carry strategy within Premia funds. In 2022, she became Head of Solutions & Dedicated Funds. She joined Ellipsis AM's Overlay & Customised Portfolio Solutions division in July 2023 as Head of Structured funds.