Exane en bref 2014 EN vf5.indd

EXANE
IN BRIEF
359.8m 38.6m
NET BANKING INCOME
NET PROFIT
872
E M P LOY E E S
In 2013, Exane delivered a good financial performance amid a more
favourable environment. The Group relied primarily on Equities and
Derivatives to generate a total net profit of €38.6m.
In Cash Equities, our steady investment drive in Equity Research
since 2010 paid off. Our Equity Research now ranks number four in
Europe* and has clearly achieved european tier one status, which
provides positive momentum throughout the platform.
Regarding Derivatives, the success of products based on proprietary
indices confirms the validity of basing our offering on straightforward
structures with clearly themed content.
In Asset Management, Pléiade, Archimedes and Select funds (Exane
asset management) as well as Ellipsis European Convertible and
Ellipsis High Yield funds (Ellipsis AM) performed well during the year,
illustrating the quality of the fund management teams.
The Group’s two historical businesses enjoyed a strong performance.
We are now looking for the same level of efficiency in Asset
Management, with a twofold target, i.e. to foster Exane asset
management’s rebound and further develop Ellipsis AM.
Nicolas Chanut
Chairman and CEO
* Thomson Reuters Extel Pan-European survey 2014 (votes from "Key Fund Managers",
commissions weighted)
A N I N N O V AT I V E A N D E F F E C T I V E
PARTNERSHIP WITH BNP PARIBAS
The agreement between Exane and BNP Paribas, signed in 2004 and strengthened in 2010 and
2011, revolves around three core elements:
An operational partnership in European cash equities where BNP Paribas conferred
exclusivity to Exane under the Exane BNP Paribas brand.
A balance sheet partnership, which is particularly well suited to our Derivatives business,
providing financing and support for our rating.
A capital partnership uniting the strength of BNP Paribas with the independence of Exane.
E X A NE PART N E RS *
B N P PA R IB A S
50 % of the capital
60 % of the voting rights
50 % of the capital
40 % of the voting rights
V E R N E R IN V E S T IS S EMEN TS
100 %
E XA N E
* Exane Group’s key managers and experts
BUSINESS LINES
Specialising in European equities, Exane is active in 3 businesses:
CASH
EQUITIES
DERIVATIVES
ASSET
MANAGEMENT
European
equities
Structurés
Structured
products
Convertibles
Convertible
bonds
Options
Options
Long/short
equity funds
Long equity
funds
INVESTMENT
RESEARCH
3
EQUITIES
A STRONG
C U LT U R E
Exane’s growth has always been grounded on 3 fundamentals:
the Equities universe, Investment expertise (trading and asset
management) and top-class Research in equities and derivatives.
These three pillars of our business model are underpinned by
3 core values that have shaped the Group’s culture since its creation.
FUNDAMENTALS
Equity
Investment
Research
V A LUE S
Excellence
Independence
Commitment
CASH EQUITIES
630
With a current market share of 4 % of institutional business, Exane BNP
Paribas is one of the fastest growing brokers in Pan-European equities.
STOC KS C OVERED
C ONTINUED INVE STME NT IN BOTH RE SEARC H AND
EXECUTION
115
A N A LY S T S
1,200
INSTITUTIONAL
C LIE NTS WORLDWIDE
> Independent, fundamental Pan-European company and industry
research, ranked No.4 in the most recent Extel Pan-European survey 2014.
> Analysts have worked within the industries they follow. Rigorous
financial analysis underpins their qualitative work.
> Experienced sales teams located locally in all the major financial
centres globally, led by London, Paris and New York. Exane BNP Paribas
ranked No.3 for Pan-European Equity sales in Extel Pan-European
survey 2014.
> A comprehensive range of execution services: high-touch sales
trading, facilitation, electronic trading, program trading and ETFs.
A BROAD PAN-EUROPEAN STOCKS COVERAGE
Benelux
France
Iberia
UK
Italy
Others
Germany
12 SECTORS IN THE TOP 3 IN EUROPE
No.
1
Construction
& Building Materials
Real Estate
Retailers
(Non Food)
2
No.
Food Manufacturers
No.
3
Autos & Automotive Components
Banks
Household Products & Personal Care
Luxury Goods
Media
MedTech & Services
Retailers (Food)
Tobacco
D E R I V AT I V E S
1,090
As a key player in convertible bonds, options and fixed income,
Exane Derivatives has built a robust franchise in the creation of
multi-asset solutions.
ISSUES PER YEAR
STRENGTH BUILT ON A UNIQUE POSITIONING
135
FRONT OFFICE
E M P LOY E E S
> Services and research based on the "Mix", a process combining
fundamental convictions, financial innovation and the optimisation
of market parameters.
> Experienced Cross Asset research focusing on asset allocation
amid tough market conditions.
> Know-how in the design of investment solutions offering optimal
risk/reward for all investment styles.
> Trading and market making with tight risk management to ensure
long term profitability.
A UNIQUE AND COMPREHENSIVE APPROACH STEMMING
FROM THE MIX
MIX
SOLUTIONS
INVESTORS
Threefold expertise
Multi-asset
Constraints
Targets
Fundamental
convictions
Equity research
Global Macro
research
Derivatives research
Financial innovation
Equities
Bonds
Hand in hand
approach
Convertible bonds
Currencies
Optimisation of
market parameters
e1.4bn
UNDER MANAGEMENT
11 years
TRAC K REC ORD IN
FUND MANAGEMENT
CONVERTIBLE BOND, CREDIT & DIVERSIFIED FUNDS
> Ellipsis AM offers funds on value added assets, i.e. convertible bonds,
high yield and short-maturity bonds and diversified fund management. Its
investment philosophy is "research-driven" via portfolios reflecting its
convictions, within the framework of active and tactical risk allocation.
ASSE T MANAGEMENT
12
FUND MANAGERS
e2.5bn
OF ASSETS UNDER
MANAGEMENT
13
FUNDS MANAGED
(7 specialised funds
and 6 jointly-managed funds)
Exane asset management is a fund management company specialising
in stock picking within the European equities universe. Since its creation
in 2001, the Company has focused on absolute return investment
strategies, drawing on the expertise of a team of experienced fund
managers, analysts and sector specialists.
Today Exane asset management is one of the leading French and
European players in long/short equity fund management. From this strong
foundation, the Company has extended since 2011 its offering to a longonly European equity fund.
EXPER TISE ON EQUI TIES IS AT THE HEAR T OF EXANE
ASSE T MANAGEMENT STRATEGY
A fund management team,
sector experts
12 analysts and fund managers with
an average experience of 18 years
One of the largest European equity
teams in an independent fund
management company in France
Exhaustive sector coverage
CONVICTION-BASED ASSE T
PROVEN RISK MANAGEMENT
Accountability
as a source of motivation
Each fund has a dedicated
management team to ensure strong
personal identification
Responsible for investment decisions
and portfolio performance
MA NAGEME NT
AND
>2 types of strategy:
• Absolute returns based on long/short market neutral management
techniques.
• European equities.
>A diversified portfolio of French and European clients: institutions
and corporates; distribution, banking and insurance networks; multimanagement.
AW A R D - W I N N I N G
FRANCHISES
PARIS
LONDON
FRANKFURT
CASH EQUITIES
> No.4 for equity sectors research in Europe(1)
> 18 sectors in the Top 5 in Europe(1)
> No.7 broker in Europe(1)
> No.1 for Pan-European small & midcaps research(2)
> Leading brokerage firm in France(1)
> No.3 for Pan-European equity sales(1)
GENEVA
MADRID
MILAN
STOCKHOLM
NEW YORK
> No.2 for convertibles research in Europe(2)
> No.3 for convertibles sales in Europe(2)
> No.5 for derivatives research in Europe(2)
SINGAPORE
ASSET MANAGEMENT
> No.5 leading Pan-European hedge fund(3)
> No.2 leading buy-side firm in France(3)
> Nominated for the "best long/short equity investment management team"
and the "best multi-hedge funds investment management team"(4)
(1) Thomson Reuters Extel Pan-European survey 2014 (votes from "Key Fund Managers", commissions weighted)
(2) Thomson Reuters Extel Pan-European survey 2014 (votes from Fund Managers, commissions weighted)
(3) Thomson Reuters Extel Pan-European survey 2014, votes from research equity houses (analysts, traders and sales) and corporates
(investors relations) weighted respectively by 2013 Extel ranking and capitalisation, on the basis on the 3 following criteria: service quality,
interaction and market knowledge
(4) Financial News Awards for Excellence, 2012
EXANE SA I 16, Avenue Matignon 75008 PARIS
Tel. : + 33 (0)1 44 95 40 00
Fax : + 33 (0)1 44 95 40 01
www.exane.com
July 2014. Photo credit: David Marmier. Design, creation: www.planetepublicite.fr
DERIVATIVES