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Edmond de Rothschild Asset Management

Over the past four years, the average increase in assets in equities, convertibles and balanced funds under management has been 33% per annum. Managed assets in equity products account for 80% of the assets at Edmond de Rothschild Asset Management. Although European equities are historically dominant, Edmond de Rothschild Asset Management is also a trailblazer in new fields of growth such as India, China and even Brazil, with the newest fund in the range, Saint-Honoré Brésil. The portion represented by international equities outside Europe is now approaching a quarter of the total assets in equities. Edmond de Rothschild Asset Management also intends to strengthen its thematic fund range and build long-short and 130/30 type equity funds.

Dexia Asset Management

Dexia Asset Management, the asset management division of the Dexia group, offers PanEuroLife the expertise of a multi-specialist in asset management. The investment process implemented consists of a rigorous approach to portfolio structuring; the goal is to achieve steady and lasting performance. This daily performance has been recognised by scores of international awards presented by licensed specialists, including Moody's, Micropal, La Tribune, La Vie Financière and others.

Barclays Capital

Barclays Capital is the investment banking division of Barclays Bank PLC which has an AA long-term credit rating and a balance sheet of over US$1.9 trillion. Barclays Capital provides large corporate, government and institutional clients with solutions to their financing and risk management needs including: Bonds ; Commodities ; Credit products ; Equity derivatives ; Inflation-linked products ; Interest rate products ; Foreign Exchange Leveraged Finance Loans ; Emerging Markets ; Prime Services ; Private Equity ; Securitisation. Barclays Capital has offices in 26 countries, employs over 13,200 people and has the global reach and distribution power to meet the needs of issuers and investors worldwide.

Aberdeen Asset Management PLC

Aberdeen Asset Management PLC is an international investment management group, managing assets for both institutional and retail clients from offices around the world. Their goal is to deliver superior fund performance across diverse asset classes in which we believe we have a sustainable competitive edge. Listed on the London and Singapore stock exchanges, they manage fixed income and equities (quoted and private) in segregated, closed and open-ended pooled structures.

Credit Suisse Asset Management

As one of the world’s leading banks, Credit Suisse provides its clients with private banking, investment banking and asset management services worldwide. The Asset Management business has approximately EUR 383 billion in assets under management and employs 2,809 people worldwide. The Asset Management business offers products across the full spectrum of investment classes, ranging from equities, fixed income and multiple-asset class products to alternative investments such as real estate, hedge funds, private equity and volatility management. Credit Suisse’s Asset Management business manages portfolios, mutual funds, and other investment vehicles for a broad spectrum of clients ranging from governments, institutions and corporations to private individuals. With offices focused on asset management in 23 countries, Credit Suisse’s Asset Management business is operated as a globally integrated network to deliver the bank’s best investment ideas and capabilities to clients around the world.

Fidelity International Limited

Fidelity International Limited (FIL) was founded 40 years ago and manages over 167.1 billion EUR for million investors worldwide (31/03/2008). Fidelity’s investment strategy differs from the other fund managers’ strategy as it is based on an approach "bottom-up" and an in-depth analysis of the companies.

J.P. Morgan Asset Management

J.P. Morgan Asset Management is part of the asset and wealth management business of JPMorgan Chase &Co. It is one of the largest active investment managers in the world and the largest mutual fund firm in Europe (source: FERI FMI as of November 2008, including liquidity) managing over USD 1,133 billion* on behalf of private and institutional investors worldwide. A sign of its consistent investment performance and the longstanding trust that clients have come to place in it. J.P. Morgan Asset Management offers expertise in a broad range of asset classes, including equities, fixed income, liquidity, managed currency and hedge funds and invests across all major markets including emerging markets. With that expertise and with the help of over 6,500 employees worldwide, J.P. Morgan Asset Management aims to offer its clients the widest range of investment solutions to help them meet their investment objectives. * Source: Assets of the Asset Management clients of JPMorgan Chase & Co as at 31 December 2008.

Franklin Templeton Investments

Franklin Templeton is a global investment management organization with over $576 billion in assets under management (as of March 31, 2008). At the core of our business are multiple world-class investment management groups – Franklin, Templeton and Mutual Series – each operating autonomously and offering our clients their unique perspectives, since more than 60 years. Listed on the New York and San Francisco Stock Exchanges through its holding company Franklin Resources Inc, the group today employs more than to 8300 employees in 75 offices worldwide.

UBS Global Asset Management

UBS Global Asset Management is one of the world’s leading asset managers, providing traditional and alternative investment management solutions to private clients, financial intermediaries and institutional investors worldwide. The company offers over 400 investment funds, exchange traded funds and other investment vehicles, across all asset types in country, regional and industry sectors, which are distributed principally through financial intermediaries. It has a diverse institutional client base located throughout the world, including corporate and public pension plans, endowments and private foundations, insurance companies, governments and central banks, and Supranationals. UBS Global Asset Management employs some 2,800 employees, of which 750 are investment professionals (traditional investments, alternative and quantitative investments and real estate), located in 20 countries. Main offices are in Chicago, London, New York, Tokyo and Zurich. As of 30 September 2005, invested assets totaled some CHF 737 billion, making it the largest fund house in Europe and the largest mutual fund manager in Switzerland. It is a business group of UBS, one of the world's leading financial firms, which also includes the world's largest wealth manager, a premier investment bank and securities firm.

Gartmore

Gartmore adopts a team-based approach to investment management. The heart of Gartmore philosophy lies in the discovery of the unexpected; the ability of a company to generate earnings that will exceed or be sustained beyond market expectations. Share prices usually reflect what the market expects. Gartmore aims to seek out companies where we believe the market has underestimated the prospects for earnings. Just as importantly, Gartmore aims to avoid those where future earnings are likely to disappoint. The main differentiating feature of Gartmore's research process is Gartmore's unique approach to identifying and quantifying unexpected earnings. At the heart of this approach is a comprehensive assessment of industry and franchise dynamics. Risk management is an integral part of the Gartmore's equity investment process and aims to provide better returns per unit of risk. Gartmore manages risk on four levels – stock, sector, country and portfolio.

Robeco

Founded in 1929, Robeco is both the oldest fund manager in Continental Europe, and the inventor of the SICAV concept. Today, it is one of Europe's leaders in asset management with more than EUR 120 billion under management (June 2005) for more than one million retail investors and 700 institutional customers. Thanks to the quality of its management methods and its rigorous and disciplined investment process, the long-term performance of funds managed by Robeco has an excellent track record. Robeco is now a wholly-owned subsidiary of Rabobank, one of the most solid financial groups in the world.

Société Générale

Société Générale is one of the largest financial services groups in the euro-zone. Its department "Global Equities Derivatives Solutions" (GEDS) holds 3700 people present on all the major stock exchanges. World leader on the market of the equity derivatives, SG CIB was awarded "Equity Derivatives House of the Year" by The Banker (2003, 2004, 2005, 2006 and 2007), Risk Magazine (2001, 2002, 2005, 2006 and 2008), IFR (2001, 2004, 2005 and 2006) and Structured Products Magazine (2005 et 2006) in particular for its capacity of innovation. Additionally, the bank was named "Modern Great in Equity Derivatives" by Risk in 2007 for its leadership in the industry over the past 10 years. Private Estate Life chose the department "Global Equities Derivatives Solutions" from SG CIB, which is renowned for its expertise and its capacity of innovation recognized by the industry, as privileged supplier of structured products.

Invesco

Invesco Asset Management is part of the AMVESCAP group, one of the biggest managers of independent funds in the world. AMVESCAP in figures: - Over USD 373.2 billion in assets managed, as of 30 June 2005, for clients spread all over the world; - Over 600 investment specialists, who contribute to maintaining and developing unique expertise vis-à-vis the competition; - Some 6,500 employees, who will provide optimal monitoring for clients, whether institutional or private; - A share listed on the major international exchanges and forming part of the FTSE 100 and MSCI World.

AG Insurance



Carmignac Gestion

Founded in January 1989 by Edouard Carmignac, a stockbroker, Carmignac Gestion is today one of the leading French players in its business: the management of financial assets. Its capital is held entirely by its managers and staff. In this way, the company's long-term viability is ensured by a stable shareholding structure, reflecting its spirit of independence. Carmignac Gestion manages 45 billion euros of assets under management, has 1084 million euros in share capital and offers a large range of Mutual funds ranging from global, mixed and specialised to fund of funds.

BlackRock

Since it was founded in 1988, BlackRock® has become a premier provider of global investment management and one of the largest asset management companies with more than US$1.3 trillion assets under management and clients in more than 60 countries. After a series of successful mergers and acquisitions, BlackRock is now able to propose a broad range of investment solutions across equity, fixed income, cash management and other alternative investment strategies. With more than 50 offices, 5.500 employees and over 700 investment professionals around the world, BlackRock can benefit from its global infrastructure and local expertise to provide clients with high-level asset management, investment solutions and risk management tools.

Morgan Stanley

Founded in 1933, Morgan Stanley has become a global financial services firm and a market leader in securities, investment management, and credit services. Our distinguished pedigree encompasses a record of historic firsts: in national and international expansion, in the use of new technologies, and in the development of new financial tools and techniques that have redefined the meaning of financial services for individual, institutional and investment banking clients. Morgan Stanley, with more than 600 offices in 28 countries, connects people, ideas and capital to help clients achieve their financial aspirations. The firm's investment management division, with around 400 investment professionals around the world, manages assets in excess of USD 424 billion and offers wealth management services to a diverse client base: governments, corporations, pensions, non-profit organizations and individuals. Around the world, the team shares a single goal to help clients achieve their long-term investment objectives by providing high quality products with first rate performance and an unmatched level of service.

Goldman Sachs

Since its foundation over 135 years ago, Goldman Sachs has grown to become a pre-eminent global investment banking, securities and asset management firm. Its subsidiary, Goldman Sachs Asset Management, was formed in 1988 to provide investment management services to a diversified client base. Within this structure, dedicated professionals are responsible for managing relations with life insurance companies and specialised investment management firms, and providing discretionary investment advisory services. Clients include pension funds, trusts and charities, public and private sector corporations, institutions and high net worth individuals. As of 30 September 2005, the firm managed EUR 391 billion in assets on behalf of clients globally. Goldman Sachs Asset Management has investment professionals in all major international financial centres, including New York, London, Singapore, Shanghai and Tokyo, as well as professionals in the main financial centres in Europe.

Petercam

Founded in 1968 following the merger of two long-established family-owned stockbroking firms in Brussels, Peterbroeck and Van Campenhout, Petercam has a well established and acknowledged tradition of independent advice. Today, the Petercam group is actively controlled by a group of 17 partners. From a capitalistic point of view, the group is therefore totally independent from any Belgian or foreign financial group. As the leading independent financial institution in the Benelux, Petercam has established its headquarters in the heart of Brussels and has also opened a series of offices in the most important financial locations such as New York, Amsterdam, Luxembourg, Geneva and Paris. The group employs more than 400 motivated people whose finality consists of offering the best service to the clientele thanks to professional and personalized advice. Regarding its activity departments, Petercam Asset Management stands as a specialist and leader in each of its activity niches: 1) Institutional Sales & Trading 2) Corporate Finance 3) Asset Management & Private Banking. As far as portfolio management is concerned, Petercam Asset Management (PAM) has currently over 17 billion Euro of assets under management (of which more than 12 billion in mutual funds), managed on behalf of private and institutional clients. As a medium-sized asset manager, PAM does not seek to offer specific expertise for each investment category and focuses on European equities (in the broad sense, and with a thematic approach), global bonds, European listed real estate as well as on private equity projects.

Danske Fund

Danske Capital, the asset manager of Danske Fund, is one of the largest international asset manager with offices in Denmark, Sweden, Norway, Finland and Luxembourg. Danske Capital has an attractive track record: in June 2004, Morningstar has attributed it the second place in Europe for bond funds. As of 30 June 2005, Danske Capital had EUR 59 bn under management. Danske Capital, part of the Danske Bank, stands for: - about 232 employees; - experts in analysis and investment advice with years of international experience; - a team of specialists that follows up the markets very closely and continually negociates for the best in the markets; - state-of-the-art system support - ensuring decision-making based upon in-depth research of data from all over the world; investment politics based upon long term strategies for specific markets, activities and clients.

CapitalatWork

CapitalatWork is a leading European asset management firm, managing assets for institutional and private clients worldwide. Founded in 1990, CapitalatWork has 7 offices throughout Europe. The CapitalatWork objective is to protect and increase our client's wealth through above average investment returns and below average risk. They think this ambitious goal can be achieved with a simple and straightforward investment strategy: the ownership of high quality but undervalued assets. For several years, CapitalatWork has delivered outstanding results in various assets classes. CapitalatWork has won several Standard & Poor's and Morningstar awards. This excellent track record is the result of CapitalatWork’s value-oriented investment philosophy, based on rigorous analysis of the enterprise value and the free cash flow generation of each company.

M&G

M&G was founded in 1901 as the financial arm of a British engineering company and revolutionised British finance in 1931 when it launched the first-ever mutual fund for the general public. Since that time the firm has concentrated on the management of investment funds. In 1999, M&G merged with Prudential plc, one of the largest global providers of financial services with more than 19 million customers, 21,500 employees and a market capitalisation of EUR 17.0 billion. Based in London, M&G now manages investment funds for its individual and institutional clients, and also acts as European investment manager for Prudential plc. The investment of equity assets outside Europe is outsourced to Prudential’s overseas investment offices in the US, South Africa, Singapore, Hong Kong and Japan, although M&G also manages global equity funds from its London office. M&G has funds under management with a total value of EUR 208.7 billion as at 30 September 2005, making it one of Europe’s leading fund providers. M&G International Investments Ltd, the international fund business of M&G, was launched in 2001. In the same year, the first local branch office of M&G International was opened in Berlin to handle client business in Germany, Austria and Luxembourg. In late 2002, a further office was opened in Milan for Italian clients. In 2005 offices were also opened in Vienna and Frankfurt for local client business, and distribution of M&G funds commenced in Switzerland.

Crédit Agricole Asset Management

Crédit Agricole Asset Management is the management company of the Crédit Agricole group, 100% affiliated with Crédit Agricole S.A., a solid and powerful actor, positioned in the first rankings of world banks with 68,8 billion euros in assets and 134 000 employees in 60 countries. Crédit Agricole Asset Management is now No. 1 in France in collective management and the European leader in asset management: • staff of more than 1700, including 409 management professionals*, • 8 management centres all over the world, 402.1 billion euros under managed*. (*Asset management pole of the Crédit Agricole group on 30 September 2005)

DNCA Finance

DNCA Finance is an independent management company created in 2000 by specialists with a global approach to asset management. Over the years, the founders have brought together a team of experienced and distinguished managers around this philosophy in order to develop a range of high-performance funds which are simple and easy to understand. Bolstered by their success and with the idea of developing across Europe, DNCA Finance's teams agreed to a partnership with Gruppo Banca Leonardo in 2006. Established in Milan, this independent banking group, the Italian leader in the areas of mergers and acquisitions and Private Equity, is gradually broadening its presence in these business lines in continental Europe with major operations in France and Germany. With DNCA Finance, its skill bases now also cover asset management. The managers continue to carry out their roles in complete objectivity, in line with their convictions and with customer satisfaction as their focus. DNCA Finance's management philosophy is based on stock picking, a non-index based form of management which follows a structured and rigorous investment process, with the main objective of optimising the yield/risk ratio. Free and active management which is not index-linked allows the best performance to be obtained in the long-term, while reducing the risks linked to market volatility. Our European ambition led us to create a management company in 2007 based in Luxembourg, LEONARDO ASSET MANAGEMENT, and an ICVC (Investment Company with Varied Capital), LEONARDO INVEST. Designed to replicate our French-law funds and welcome new products, it has become the tool behind our European expansion.

Financière de l’Echiquier

What is Financière de l'Echiquier: - A leader in “stock-picking” management for European securities - 17 years of absolute performance - Wealth preservation for private and institutional investors. All of Financière de l’Echiquier’s investment decisions result from its "stock picking" management process. This process, used systematically since the company’s creation in 1991, gives primary importance to qualitative and quantitative criteria such as the quality of the executive team or the quality of a company’s financial structure. The investment strategy is either “GARP” or “Value” oriented, uncorrelated with the indices, and able to give managers who seek absolute performance wide room to manoeuvre. Financière de l’Echiquier was named “Best Equity Manager” for its entire line by Lipper France in 2004 and was elected "best performing French management company in France" in 2005 by the Alpha League Table (Europerformance-Edhec-Risk). Financière de l'Echiquier was also elected "best asset manager for French IFA's" in 2007 by the magazines Gestion de Fortune and Investissement Conseil.

KBL Richelieu Gestion

Richelieu Finance Gestion Privée is a management company founded in 1985 by stockbroker Gérard Augustin-Normand. Today the company has 80 employees and manages over 4 billion euro in assets. Richelieu Finance is characterised by one primary activity: third-party asset management. Its “cardinal management,” executed in complete independence, is an active management strategy at the opposite end of the spectrum from index management. It is based on analysing a company’s fundamentals, without restrictions on sector or capitalisation size, and meticulously selecting stocks that are undervalued by the market.

Nordea

Nordea is the leading financial services group in the Nordic and Baltic region, and is one of the 20 largest European banks in terms of market capitalisation. It has some 31,700 employees, almost 10 million customers, 389 billion euro in total assets, and 157 billion euro in assets under management. Nordea Investment Funds S.A. is the European distributor of Nordea Group’s funds and the manager of its Value Fund line, the winner of several awards. The Group promotes a carefully selected range of funds across Europe through a highly active network of intermediaries including banks, investment managers, independent financial advisors, and insurance companies. Its flagship product is Nordea 1 SICAV, comprising 43 sub-funds including value-based equity funds, thematic equity funds, bond funds and money market funds, all of which capitalise on Nordea’s expertise.

Pictet & Cie

Founded in 1805 in Geneva, Pictet & Cie is today one of Switzerland's largest private banks, and one of the premier independent asset management specialists in Europe, with over CHF 369 billion in assets under management and custody as at end-December 2006. The Bank is a partnership currently owned by eight general partners who have unlimited liability. The Pictet Group is an asset management specialist focusing mainly on the following areas of expertise: private and institutional asset management, fund administration and management, global custody and Family Office services.

Rothschild

The Rothschild name has appeared in financial history since the 18th century when Mayer Amschel Rothschild sent his five sons to establish themselves throughout Europe (Paris, London, Francfurt, Vienna and Naples), that symbolise today the five arrows in the family emblem. The Rothschild & Cie Banque Group, which was inherited from the Banque rue Laffitte (created in 1817 by James de Rothschild) was founded in 1982 by Eric and David de Rothschild. Rothschild & Cie Gestion is 100% owned by Rothschild & Cie Banque. Its sole activity is to manage assets for third parties. It has on 31th March 2008 over € 20 billion assets under management through a range of funds invested in all types of assets (equity, bonds, alternatives,...) in all geographic zones. Its aim is to meet the needs of its clients (institutional clients, third-party distributors, private clients, independant Financial Advisors) in terms of performance as well as in terms of service.

Tocqueville Finance

Tocqueville Finance is an independent portfolio management company registered with the Autorité des Marchés Financiers (the French securities and exchange authority) in 1991 to develop a French and European client base, through a service of fund management, founded on the international competences of the group: Paris, New-York, Genève. Today, Tocqueville Finance has 52 employees, manages 4.5 billion euros in assets for private and institutional clients, either directly or through mutual funds distributed by its partners such as wealth managers, Brokers, Banks and Insurance Companies. In January 2003, Tocqueville Finance opened a subsidiary in Geneva, destined to promote its fund range to institutionals in Europe, in particular in Luxembourg and Switzerland. This company is fully owned by Tocqueville Finance Paris. Its management philosophy: "Value" and "Contrarian". Whether it is applied to the management of private or mutual funds, the philosophy remains the same: to preserve the capital that is entrusted to them. Managers look for reliable performance over as long a period as possible, whatever the market situation.

Keren Finance

Keren Finance is an independent fund management company that was created on 1 January 2001 by Raphaël Elmaleh and received accreditation from the AMF, the French Financial Authority, on 26 January 2001, operating under registration number GP 01-001. It carries out its asset management businessvia UCITS and management mandates for third parties. The “cornerstone” of its strategy is steady performance, searching for reduced volatility, which is obtained via non-benchmarked management, coupled with a rigorous selection of stocks.

Leonardo Asset Management

Leonardo Asset Management (Leonardo AM), was created on 29th August 2007 and has received accreditation by the CSSF ("Commission de Surveillance du Secteur Financier"). It is a wholly-owned subsidiary of DNCA FINANCE in Luxembourg, which has been created in its aim for a PanEuropean development. Leonardo AM promotes a SICAV whose management is dedicated to DNCA FINANCE and Leonardo SGR (management company of Banca Leonardo Group in Italy, partner of DNCA FINANCE). Three of its compartments replicate the French FCPs created by DNCA FINANCE: Centifolia Europe, DNCA Evolutif and Eurose. And, besides these clones, the SICAV has a monetary and a bond compartment (managed by Leonardo SGR), a value compartment that is dedicated to the Italian market, and « Leonardo Infrastructure Fund Europe » (managed by DNCA FINANCE), a compartment dedicated to European infrastructures and utilities.

Lyxor Asset Management

Created in 1998, Lyxor AM currently manages EUR 71.6 billion. A wholly-owned subsidiary of Société Générale Group, belonging to the Corporate and Investment Banking arm of the group, the asset management company specializes in three businesses: • Alternative Investments (EUR 26.1 billion). Lyxor offers a broad range of hedge funds, funds of hedge funds and absolute return funds, adhering to high risk-management standards and rigorous hedge fund manager selection guidelines. Lyxor AM gained its prominence with its hedge fund platform. This platform includes more than 170 hedge funds covering all principal strategies and represents a diversified investment universe benefiting from a high level of transparency, security and liquidity. • Structured Management (EUR 19.8 billion). Lyxor offers investment solutions to its customers adapted to their risk profiles and return objectives. These solutions integrate the innovations of the Group into this domain, world number 1 as regards structured products on equity. Index Tracking (EUR 25.8 billion). Lyxor offers one of the most diversified and liquid range of ETF (Exchange Traded Funds). The company is one of the top players of the European ETF industry. Lyxor ETFs are listed in Europe and Asia and reflect Equity, Bond and Commodity markets. www.lyxoretf.com.

The Royal Bank of Scotland

Founded in 1727, The Royal Bank of Scotland (RBS) is one of the oldest banks in Europe. Over the time The Royal Bank of Scotland has won recognition and respect as one of the largest and fastest growing banking groups in the world and one of the most compelling banking stories of the decade. RBS is now the second biggest bank in Europe, with subsidiaries all over the world. RBS Global Banking & Markets provides financing and risk management solutions for large corporate, financial institutions and governments. In addition to our position as one of the world’s largest lending banks, we have a world class capability across interest rate, credit, foreign exchange and inflation products, We differentiate ourselves by delivering completely bespoke structured products, as well as innovative and competitive solutions on all those asset classes, and both on the asset and on the liability sides.

Insight Investment Management

Insight Investment Management (Global) Limited (‘Insight’) is an industry-leading UK-based asset management company. It is a private limited company and a wholly owned subsidiary of the HBOS Group, one of the largest banking groups in Europe. Our parentage brings the benefits of strategic strength and stability, whilst at the same time we also function autonomously. This ensures a clear focus on understanding the marketplace and providing solutions that help us to achieve our clients’ objectives. The origin of the Insight brand lies within Clerical Medical, one of the UK’s oldest investment managers having been founded in 1824, that was re-branded Insight Investment Management Limited in 2002. In January 2003 Insight proceeded to announce its acquisition of Rothschild Asset Management who had been managing money since 1804. Since this time, Insight has appointed a new executive body and restructured its investment platform to be able to provide clients with a new and broader range of investment solutions. We are one of the largest UK-based fund managers with €152.9 billion of assets under management as at 30 September 2007. We manage money for private investors, pension funds, insurance groups and other institutions, as well as providing the investment expertise.