PROMEPAR AM key figures at 31/12/2017
in assets under management
experienced portfolio manager
Our sole business line asset management
Promepar Asset Management (Promepar AM), a wholly-owned subsidiary of BRED , specialises in asset management. We manage over €2 billion in assets (at 31/12/2017). We serve private banking, institutional, corporate and non-profit clients, offering them investment solutions tailored to their needs through a selection of open-ended or bespoke funds as well as portfolio management mandates (securities accounts, PEA personal equity plans, life insurance contracts).
Founded in 1992, PROMEPAR AM has since built a team of experienced, committed and complementary portfolio managers. Our identity is founded on strong commitments to transparency, feedback and availability to our clients, with the aim of sustainably and regularly increasing the capital entrusted to us. We cover a broad range of asset classes, portfolio management strategies, sectors, geographic areas, etc.
We have developed our business in two key areas of expertise: conviction-based securities investments, particularly in European bonds and equities, and selection of external portfolio management talent to build our asset allocations.
Funds of funds
- We have developed extensive expertise in the selection of external funds and portfolio construction. For us, FoF management is not just about lumping funds together: it calls for the ability to identify the top talent in the asset management universe, and then integrating them into our portfolios at the right time and in the right proportions.
- In today’s constantly evolving financial industry, which is a source of market shocks and opportunities, flexibility is a critical component of the portfolio management approach. Within each asset class, we have the necessary freedom to redistribute asset allocations quickly and proactively, based on available opportunities but also rigorously managed risks.
- We have also developed a Socially Responsible Investment range in FoF format.
Direct stock and bond picking
- Our macroeconomic, microeconomic and market analysis guides our allocation choices in terms of sectors, themes and liquidity levels. This analysis is validated by frequent contacts with executive managers.
- We aim to make our decisions with no specific portfolio management bias. However, we prefer companies presenting reasonable valuations in relation to their profitability outlook.
- We firmly believe that the quality of a company is not limited to its financial results alone. When the information is relevant and available, we analyse the companies we want to invest in by also examining Environmental, Social and Governance criteria in addition to traditional financial criteria.
A robust structure
Promepar AM boasts a number of strengths: a tight-knit team of experienced employees and short decision-making circuits, backed by the logistic, technical and financial support of a major banking group.
Our partners and tools are also leading references in their own right, further contributing to the strength of our organisation.
A team of experienced portfolio managers
We have built a team of portfolio managers boasting extensive expertise in financial analysis, the history and nature of economic cycles, portfolio construction, and the laws and behavioural aspects governing the financial markets.
Common sense, a lot of team work, and a flexible approach to accepting varying, sometimes opposing opinions: all the hallmarks of the pragmatism we encourage in our teams. Our portfolio management teams make use of the most varied sources of information and regularly meet with companies to forge their investment opinions and strategies.
“Good portfolio management is well-explained portfolio management”: this philosophy is the cornerstone of how we operate. We work closely with our clients not only to fully understand their needs, but also so they can fully understand our portfolio management decisions, market views and convictions. We place great emphasis on training and coordinating our partners by going out into the field and working by their side.
Promepar AM has built its organisation around divisions of excellence.
The first is funds of funds (or open architecture) management, initiated about 15 years ago. This type of business requires experienced teams, capable not only of understanding and monitoring even the most complex investment processes, but also high-performance tools and extremely rigorous qualitative and quantitative analysis methods. It is our deeply held conviction that identifying and selecting the top of the line in expertise developed by other asset management companies, in France and abroad, is an unbeatable source of performance and diversification for our clients.
The search for excellence has also been a calling card of the conviction-based bond management strategy implemented for the last dozen years by Promepar AM. Founded on a flexible and opportunistic approach to credit and duration, our deliberately targeted range of bond funds has successfully performed in complex market environments, while avoiding problematic investments by adopting a wealth management approach.
The same can also be said for our diversified strategies, which have delivered robust performances time and time again by relying on conviction and flexibility in allocation choices and the indisputable benefits of the open-architecture format.
Finally, a fourth division of excellence was recently formed in the small and mid cap segment, a fascinating yet complex business line boasting very strong potential, but also fraught with many pitfalls. Separating the proverbial wheat from the chaff is undoubtedly more important in this market than any other if you want to generate solid returns outperforming the market average.
Our investment and decision-making processes are highly meticulous and disciplined: we only invest in securities we know inside and out. Our strategies are easy to understand, transparent and geared towards liquid financial products. We apply a rigorous management approach to all our mutual funds and mandates. Before making any buy or sell decision, we simultaneously examine economic data, market signals, risk indicators and, in addition to financial results, we look at non-financial criteria based on our firm belief that the quality of any given company is not merely the sum of its accounting data.
Our commitment to our clients is also reflected in Promepar AM’s internal organisation. As an asset management and investment service provider, we have established methodical processes, an efficient organisation targeting business continuity, and solid governance. Our added value is drawn primarily from our constant adaptation to changing regulations, markets, risks and available tools. It isn’t enough to just claim credibility, you have to prove your credibility, building it up day by day with expert, committed teams, hands-on Management, complementary experience and skills, an efficient and appropriate organisational structure…all in the interest of serving our clients with the goal of earning their trust. Asset management is a business exercised over the long term: the combination of multiple areas of expertise at Promepar AM, the alignment of client and employee interests, and a cooperative mindset all contribute to the sustainability of our relationships over the long term. This is both the glue that holds us together and the ambition set by Promepar AM, to offer its clients the best service at all times.
Understanding and listening to our clients are our top priorities.
For the Promepar AM teams, that means maintaining close relations with our existing and prospective clients, with the aim of defining financial solutions to help them achieve their plans, meet their needs and comply with their individual specifications, in accordance with their investment convictions and/or regulatory constraints.
It also means gaining the necessary perspective, adopting the right attitude and performing an appropriate analysis of our strategies and results. The financial environment is complex: depending on market trends – while always being mindful of the specifications defined with the client – a certain tactical leeway is necessary for effective portfolio management.
Lastly, it means being there when times get tough and making portfolio management an interactive experience. By commenting and explaining our results and the decisions taken, we build a strong, solid and lasting relationship with our clients.
One-on-one meetings with our clients and partners are invaluable, thought-provoking and fulfilling experiences for the Promepar AM teams.
Serving our clients' interests
You will have two dedicated, complementary contacts in our organisation: your BRED private banking advisor will oversee your wealth management services as a whole, and your accredited Promepar AM portfolio manager will handle your portfolios under mandate.
We implement personalised investments, tailored to your investor profile, through a selection of securities accounts, PEAs (personal equity plans), SME-oriented PEAs, dedicated funds and insurance contracts.
We invest in funds and/or securities with appropriate risk-reward profiles and specific investment themes spanning all geographic areas.
Our portfolio management teams and your BRED advisor are committed to meeting with you regularly and informing you of our investment choices and strategies.
We work with professional investors: corporates, institutions, pension funds, paid leave funds, personal protection insurance institutions, insurance companies, portfolio management firms, private banking institutions, family offices, brokers and financial investment advisors, distributors, associations and congregations, reserve funds, etc.
We use mutual funds, dedicated funds and mandates to design tailor-made investment solutions and establish a strong relationship with each of our clients. We are constantly working to expand our expertise.
As it stands, our expertise is renowned in two specific fields: asset allocation in diversified strategies and corporate selection for our direct investment strategies (stocks and bonds).
We place great emphasis on our reporting quality and investment transparency.
31 years of professional experience
- Head of Marketing – CNCE (2002 to 2009)
- Head of Client Relationship Strategy and Distribution – BPCE (2009-2013)
- Head of Development, Member of the Executive Committee – BRED BP (since 2013)
Marc FAVARDChief Executive Officer
Chief Executive Officer
At the heart of financial markets since 1990
- Chairman of the Management Board of Meeschaert AM for 21 years
- Chief Executive Officer – Head of Portfolio Management at AM (2012-2015)
- Chief Executive Officer – Head of Equity Funds at Promepar AM (since 2015)
Degree from ISP (Paris Statistics Institute) in 1988, Paris Actuary (IAF – French Actuaries Institute) in 1989 and Member of the SFAF (French Financial Analysts Association) since 1993.
Erwan DUQUOCDeputy Chief Executive Officer
Deputy Chief Executive Officer
At the heart of financial markets since 1995
- 11 years at BNP Paribas in the Fixed Income Department, then the General Inspection Division
- 6 years as Deputy Chief Executive Officer of HDF Finance
- 4 years consulting asset management companies and the regulatory authority at Wavestone
- Deputy Chief Executive Officer of Promepar AM (since May 2016)
Degree from Supelec Engineering School in 1995
Stéphanie CAPDEVILLEHead of Sales
Head of Sales
18 years of professional experience
- 4 years as Head of Risk Management and Performances at Caisse des Dépots
- 11 years at Natixis AM as Product Engineer, then as Head of Sales – Institutional and Private Banking Clients
- Head of Sales – Promepar AM (since August 2016)
Degree in Financial Instruments Management from Université de Cergy-Pontoise in 2000.
Stéphane PARRYHead of Mutual Fund Management
Head of Mutual Fund Management
At the heart of financial markets since 2000
- 5 years in Structuring and Sales of Fixed Income and Forex Instruments on the trading floor in France and the United States
- Money Market and Bond Fund Manager at Promepar AM (since 2008)
Degree from ESSEC Business School in 2002
Sandrine DUMASHead of Compliance and Internal Control (“RCCI”)
Head of Compliance and Internal Control (“RCCI”)
At the heart of financial markets since 2008
- Depositary Bank Controller at CACEIS
- Internal and Compliance Controller at BAREP AM
- Head of Compliance and Internal Control at Procapital and Skylar Group for 4 years
- Head of Compliance and Internal Control at Promepar AM (since 2014)
Master’s in Economic Analysis, Modelling and Quantitative Methods
Muriel LE PECHOURHead of Oversight, Finance, Administration
Muriel LE PECHOUR
Head of Oversight, Finance, Administration
At the heart of financial markets since 1988
- Head of Operations at BP Rives de Paris, Banque Privée 1818 then BRED
- Oversight, Finance, Administration at Promepar AM (since 2000)
Degree in Management-Accounting, Professional Certificate and Professional Aptitude Certificate in Banking
Xavier JOSEPHRisk manager
At the heart of financial markets since 1998
- Quant Specialist in the valuation and analysis of quantitative risks at Commerz Financial Products, then Coface
- Head of Financial Risks – BRED
- Risk Manager at Promepar AM (since 2009)
Master’s from ENS (Ecole Normale Supérieure) ULM and El Karoui Master’s, PhD in Mathematics
Our executive board
- Françoise EPIFANIE
Head of Development - BRED
- Mathieu BRETON
CEO - BRED Banque Privée.
- Stève GENTILI
Chairman of the Board of Directors - BRED
- Olivier KLEIN
CEO - BRED
- Gérard KUSTER
- Olivier LENDREVIE
Deputy CEO - BRED
- Alain LUNARD
- Eric MONTAGNE
Deputy CEO - BRED
- Pierre MURRET-LABARTHE
Any investment incurs specific risks. Any potential investors should contact their provider or advisor in order to forge their own opinion on the risks inherent in each investment, independently of PROMEPAR Asset Management, and on the suitability of these risks with respect to their personal and financial situation. To that end, they should read the regulatory and contractual documents (prospectuses, KIIDs, annual reports, etc.), which may be obtained free of charge on request from the head office of the Fund or the portfolio management company.