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Two years after its integration within Kepler Cheuvreux, Ellipsis AM sees a 33% increase in AUM in 2023

In January 2022, the Kepler Cheuvreux Group announced that it had completed the acquisition of Ellipsis AM, an asset management company from Exane SA, a subsidiary of the BNP Paribas Group. The synergies leveraged within the Group enabled the management company to post a 33%[1] increase in assets under management in 2023, for a total of 3.2 billion euros.

The Convertibles & Credit division, with over 20 years of management expertise in convertible bonds and high-yield credit[2], benefited from the strong results of its flagship products:

  • A +11% performance[3] by the Ellipsis Disruption Convertible Fund, leaving the thematic convertible bond fund ranked second in its Peer Group[4] (64 funds).
  • A +14% performance[3] by the Ellipsis Credit Road 2028 fund, a dated fund created in partnership with Kepler Cheuvreux, ranked fourth in its Peer Group[4] (154 funds).

The Alternative & Overlay Solutions division, leveraging 15 years of experience in portfolio overlay management, integrated a new mandate, and now covers a total of 1.4 billion euros. 2023 also saw the management team launch a new alternative strategy within its Ellipsis Optimal Solutions – Liquid Alternative fund.

The company also announced the launch of a new division called Fund Solutions. The division complements the Kepler Cheuvreux Group's investment offering by developing structured funds for institutional and corporate investors. The division develops its offering in close collaboration with Kepler Cheuvreux Solutions, the business line dedicated to tailor-made investment solutions. In 2023, the investment team launched two treasury investment funds, with inflows of 800 million euros as of 31 December.  

"Ellipsis AM's results demonstrate the Kepler Cheuvreux Group's ability to integrate. Numerous synergies are being exploited, and asset management will remain one of the cornerstones of our Group's development in 2024," explains Laurent QUIRIN, Chairman of the Supervisory Board of Kepler Cheuvreux.

 "In a complex environment, Ellipsis AM has maintained a positive trajectory. Thanks to an efficient integration within the Kepler Cheuvreux Group, we have not only capitalised on our historical expertise, but also broadened our offering to respond more thoroughly to market needs," adds Sébastien CARON, CEO of Ellipsis AM.


[1] From 02/01/2023 to 29/12/2023.

[2] High Yield: This category corresponds to speculative securities with a rating below BBB-/Baa3 (official agency classification or Ellipsis AM's own classification).

[3] For the benchmark Share I in EUR, from 29/12/2022 to 29/12/2023. Performance net of fees (after deduction of current expenses), dividends and coupons reinvested.

[4] Source: Ellipsis AM, as of 29 December 2023. Ranking based on the peer group of euro-denominated funds, belonging to the Morningstar "Global Convertibles" category for the Ellipsis Disruption Convertible Fund and the Lipper "Target Maturity Bond EUR 2020+" category for Ellipsis Credit Road 2028 and meeting the criteria described in our methodology, which is available on our website :

References to past rankings and awards are not indicative of future rankings or awards.