Bernard Sabrier

The new entity, named Kepler Cheuvreux Unigestion Equities, is set to focus on quantitative strategies and together will manage more than €3 billion in assets, subject to regulatory approvals. 

The first stage of integration will see Unigestion transfer the €3 billion in assets under management – specifically in the form of mandates and investment funds – and simultaneously integrate the entirety of its equities team into Kepler Cheuvreux’s operational infrastructure.

Following this, Kepler and Unigestion will create the jointly owned entity, alongside the management team, focused on accelerating the business’ development through external growth initiatives.

“Unigestion brings its quantitative and qualitative public equities expertise, enhancing Kepler Cheuvreux’s well-established research capabilities. This partnership merges fundamental and quantitative research approaches, optimising portfolio management while diversifying and expanding the range of investment strategies,” said the firms in a joint statement. 

In addition, Kepler Cheuvreux is contributing a sales force of over 130 professionals and more than 1,300 institutional clients across Europe, North America, and MENA.

The firms are also set to integrate ESG criteria into the management processes for Kepler Cheuvreux Unigestion Equities, including maintaining an “active dialogue” with portfolio companies.

Speaking about the partnership, Laurent Quirin, chair of the supervisory board at Kepler Cheuvreux and Bernard Sabrier, executive chair of Unigestion’s board, highlighted that this partnership is being driven by shared ambition to “provide institutional investors with sophisticated, innovative solutions tailored to the evolving market landscape”.

They added: “The combination of Unigestion’s quantitative expertise with Kepler Cheuvreux’s research, execution and distribution capabilities, enables us to unlock unique synergies and offer a distinctive, high-value proposition.”

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The collaboration will bridge Kepler Cheuvreux’s expertise as an independent European equity broker and Centile Partners’ listed derivatives capabilities.

Based in London, Centile Partners is a newly developed listed derivatives agency broker headed by John Ruskin.

Ruskin hold decades worth of experience in the financial industry and specifically, listed derivatives.

The partnership aims to provide clients improved execution services on an agency basis across listed derivatives and related financial instruments.

“This expanded service offering will allow both firms to cater to the evolving needs of institutional clients, particularly hedge funds, which require high quality trading ideas and flawless execution in increasingly complex markets,” said the firms in an official announcement.

“Working together, Kepler Cheuvreux and Centile Partners will be able to offer clients a seamless experience by providing them with access to an enhanced suite of execution services.”

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KCx’s expansion opens trading opportunities in the following countries: Dubai, Kuwait, Qatar, Abu Dhabi, Saudi Arabia, Oman, Bahrain and Egypt.

“In line with our commitment to expanding our global footprint and delivering on our new execution strategy, we are thrilled to announce our entry into the Middle East market,” said Chris McConville, global head of execution services and trading at KCx.

“The MENA region is a key growth hub with its dynamic economies, diverse markets, and increasing investor interest. By enhancing our presence here, we aim to better serve our clients and tap into the significant opportunities this region offers.”

The development follows the launch of new direct market access (DMA) capabilities in the Asia-Pacific markets, announced in December.

The launch enabled clients to execute orders using algorithms in Australia, Hong Kong, Indonesia, Japan, Malaysia, New Zealand, Singapore, and Thailand.

Read more: Kepler Cheuvreux launches Asia-Pacific direct market access

“At the core of our mission statement is a focus on creating products that our clients ask for. That’s why it was essential for us to go live across the [MENA] region with eight key markets from the outset,” added McConville.

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Malrait was most recently managing director and global head of market structure and innovation for financial markets at ING Bank, overseeing the financial market innovation strategies within the firm. Before joining ING in 2015, he spent eight years at Société Générale, most recently working as global head of FIC eCommerce. He also previously worked at JP Morgan Chase for ten years, serving in different roles in global FX eCommerce business management and cross-asset eCommerce technology, based in London and New York.

Cédric Farhat and Tobias Sjöström Chanteloup joined Kepler Cheuvreux in ETF senior sales roles as the firm looks to further strengthen its position in the ETF market. Stockholm-based Sjöström Chanteloup joined from JP Morgan Asset Management, having most recently served as head of Nordic ETF distribution. He has also previously worked at WisdomTree, State Street, Société Générale, and Bloomberg in London. Farhat is set to join Kepler Cheuvreux’s Paris office, joining from Agora Capital in Geneva, where he was head of ETF. Prior positions include stints at Tradition Securities and Lyxor ETF, and Societe Generale Corporate and Investment Banking.

RBC Capital Markets promoted Adam Ragol-Levy to head of European and Asian product, multi-asset agency solutions. The appointment follows three years serving as global multi-asset product manager at the firm, based in London. Prior to joining RBC Capital Markets, Ragol-Levy spent nearly five years at Bank of America Merrill Lynch, most recently working as a senior cash equities business analyst and product owner. Before that, he served as a Fidessa cash equities business analyst at HSBC Global Banking and Markets.

Stuart McDonald was appointed director, cross-asset trader at Julius Baer, based in Monaco. He joined from Mirabaud Group where he served as a multi-asset trader for two years. McDonald has also previously worked in trading-related roles at FlowBank, IG, and Alexander David Securities. His experience spans more than a decade and encompasses work on trade execution, flow trading, market making, risk management and data. Work includes trading of: equities, fixed income, foreign exchange, derivatives, and vanilla and exotic options across both Europe and APAC.

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Stockholm-based Sjöström Chanteloup joins from JP Morgan Asset Management, having most recently served as head of Nordic ETF distribution.

He has also previously worked at WisdomTree, State Street, Société Générale, and Bloomberg in London.

Farhat is set to join Kepler Cheuvreux’s Paris office, joining from Agora Capital in Geneva, where he was head of ETF.

Prior positions include stints at Tradition Securities and Lyxor ETF, and Societe Generale Corporate and Investment Banking.

New hires follow the firm’s majority acquisition of Trackinsight, as Kepler seeks to offer the ETF industry “a comprehensive and unique proposition that combines data, advisory, and execution services”.

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Bobbie Port

Following the launch, clients can execute orders using algorithms in Australia, Hong Kong, Indonesia, Japan, Malaysia, New Zealand, Singapore, and Thailand.

Kepler said the development marked a significant step forward in its “global execution strategy” in an update on social media.

“KCx has long established its presence in both high-touch and program trading, and to continue driving innovation and disruption, it is essential to offer a full suite of services globally,” Bobbie Port, head of electronic distribution at KCx told The TRADE.

“Today, we are proud to announce that we have achieved this milestone by successfully deploying algorithms in the APAC region.”

Port assumed his role as head of electronic distribution in 2022 after joining Kepler in 2011. He has had an extensive career in electronic trading sales, with his most recent role previously to Kepler focusing specifically on direct market access and algo execution sales at Instinet.

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Luca Carollo, Paolo Sturlese

Carollo brings 25 years’ experience from both Milan and London to the role. He most recently served as head of equity sales and sales trading for Italian clients at Société Générale.

As part of his new role, Carollo will focus on expanding Kepler’s Pan-European and international product offerings, particularly in the US and APAX markets, for domestic investors.

Meanwhile, Strulese has been promoted to the role of head of Italian equities, having been with Kepler for nearly 20 years. He brings expertise as an Italian country specialist to the role.

Kepler added that his deep understanding of the Italian market has enabled him to build strong relationships with investors across the UK, US, and APAC regions.

Carollo and Strulese’s appointments follow that of Oliver Mudie, who was named head of sales trading, US client zone, KCx, last month.

Mudie joined the firm from Bank of America (formerly Bank of America Merrill Lynch), where he spent the last 18 years, most recently serving as manging director, sales trading.

Elsewhere, in August, Robert Miller joined Kepler Cheuvreux’s execution leadership team as head of market structure and liquidity solutions. He was previously head of international trading analytics and strategy at Vanguard, having joined in 2019.

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Kepler Cheuvreux appointed Oliver Mudie as head of sales trading, US client zone, KCx, based in London. Mudie joined Kepler from Bank of America (formerly Bank of America Merrill Lynch), where he spent the last 18 years. During his tenure at Bank of America, Mudie most recently served as manging director, sales trading. Prior to this, Mudie worked as a senior vice president at JP Morgan Cazenove.

Kyle Hackett joined JP Morgan as a US rates trader, based in New York. Prior to his new role, Hackett spent three and a half years at HSBC, working as a global markets analyst, and most recently as a US rates trader. Elsewhere in his career Hackett did a stint at Fidelity Investments.

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Mudie joins Kepler from Bank of America (formerly Bank of America Merrill Lynch), where he spent the last 18 years.

During his tenure at Bank of America, Mudie most recently served as manging director, sales trading.

Before joining Bank of America, Mudie worked as a senior vice president at JP Morgan Cazenove.

Mudie’s appointment follows that of Faruk Akar, who joined Kepler’s London team as a PT sales trader last week. Akar joined Kepler from Unigestion where he served as a portfolio manager.

Elsewhere, in August, Robert Miller joined Kepler Cheuvreux’s execution leadership team as head of market structure and liquidity solutions. He was previously head of international trading analytics and strategy at Vanguard, having joined in 2019.

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Mark Cleary joined GBM Securities as managing director, head of equities following two and a half years at BCS Global Markets in the same role. Before moving to BCS Global Markets, Cleary was managing director, head of sales trading at BCS Financial Group. 

London-based Cleary has extensive experience working in trading positions. He previously served as head international sales trader at Otkritie Securities, and before that held sales trading roles at VTB Capital and Renaissance Capital. Cleary has also worked as a hedge fund trader at Walter Capital Management and head of operational risk and control at Bear Stearns International.

JP Morgan appointed John Roberts as a new FX options trader, based in New York. He joined the firm from Deutsche Bank where he served as a currency options trader. Prior to this, Roberts spent five and a half years at NatWest Markets, most recently serving as a FX derivatives trader. Elsewhere in his tenure at NatWest Markets, he worked as a US rates strategist.

Kepler Cheuvreux appointed Faruk Akar as PT sales trader, based in London. He most recently worked as a trader and portfolio manager at Unigestion for one and a half years and before that worked in equity trading related roles at Citi. Akar has also previously served as an associate, equities strategy, at quantitative investment management firm Winton.

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