Kepler Cheuvreeux is an independent European financial services company that specialises in research, execution, fixed income and credit, saturated solutions, corporate finance and asset management in Europe and the US.

The business structure at Kepler Cheuvreux consists of the following key characteristics:

• Independence -Staff and management are major shareholders, owning a total of 27.56% of the equity, with 40% of Kepler Cheuvreux’s voting rights. 
• Research focused – Equities research comprises single stock and sector research. These products are complemented by strategy research, ESG, credit and quant research.
• Multi-local – Present in thirteen financial centres, including North America. This business model allows analysts to be close to the companies which they research and for salespeople to be close to their clients.
• Partnerships – Two research partnerships with Piper Sandler in the US and Macquarie for the Asia-Pacific region.
• Entrepreneurial – The ratio of front office staff to management and support is 3:1. 

Summary of the structure:

Kepler Cheuvreux is governed by a supervisory board chaired and an executive board chaired by Grégoire VARENNE. Management and employees are major shareholders (27.56%) and have the support of financial institutions. 

The Kepler Cheuvreux Foundation’s Board is composed of five directors, including a Chairman, a Treasurer and a Secretary. The directors do not receive any remuneration from the Foundation.

Relation to ESG and sustainable finance: 

Aware of its social responsibility, the group wants to contribute substantially and concretely to the “common good”, involving its employees, clients, and partners, in the context of assisting the COVID-19 recovery. 

In an ever-changing business environment, our entrepreneurial culture gives us the ability to meet the demands of our clients with pragmatism, innovation and reactivity.

In 2011, the investment firm BlackFin Capital Partners acquired 47% of KCM’s capital, bringing together four institutional shareholders: Caisse des Dépôts, Crédit Mutuel Arkéa, and Banca Leonardo, whose brokerage and research unit was acquired by KCM.

Atlas Merchant Capital and Edmond de Rothschild Equity Strategies (ERES) bought out the stake held by BlackFin Capital Partners, giving them an interest in Kepler Cheuvreux in June 2018 of 20% and 7.7%, respectively. However, 40% of Kepler Cheuvreux’s voting rights continue to be controlled by its management and employees.