Kepler Cheuvreux

Kepler Capital Markets was founded in 1997 under the name Julius Baer Brokerage (JBB), a wholly owned subsidiary of Swiss banking group Julius Baer Holding. In 2003, Julius Baer Holding sold JBB to Lightyear Fund, a US private equity firm.{{Cite web|url=https://www.wsj.com/articles/SB105843772080561000|title=Julius Baer Agrees to Sell Institutional-Brokerage Unit|last=|first=|date=July 17, 2003|website=The Wall Street Journal|archive-url=|archive-date=|access-date=}} JBB then changed its name to Kepler Equities, which Icelandic bank Landsbanki acquired two years later in 2005 to develop a diversified financial services company, including equity, bond, and derivative brokerage, corporate finance, debt and credit investment, and investment services.{{Cite web|url=https://www.businesswire.com/news/home/20050906005854/en/Lightyear-Capital-Sells-Kepler-Equities-Landsbanki-Islands|title=Lightyear Capital Sells Kepler Equities to Landsbanki Islands; Transaction Valued at EUR 94 Million|last=|first=|date=|website=Business Wire|archive-url=|archive-date=|access-date=}}

Following Landsbanki's bankruptcy in 2008,{{Cite web|url=https://www.reuters.com/article/sppage012-n09278654-oisbn/third-big-iceland-bank-files-for-u-s-bankruptcy-idUSN0927865420081209|title=Third big Iceland bank files for U.S. bankruptcy|last=|first=|date=December 9, 2008|website=Reuters|archive-url=|archive-date=|access-date=}} Kepler Landsbanki was bought out by its employees through an MBO (management buyout) and changed its name to Kepler Capital Markets (KCM). It became independent and focused solely on brokerage activities.{{Cite web|url=https://www.globalbankingandfinance.com/about-kepler-capital-markets/|title=About Kepler Capital Markets|last=|first=|date=May 10, 2012|website=Global Banking & Finance Review|archive-url=|archive-date=|access-date=}}

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.{{Cite web|url=https://www.globalbankingandfinance.com/about-kepler-capital-markets/|title=About Kepler Capital Markets|last=|first=|date=May 10, 2012|website=Global Banking & Finance Review|archive-url=|archive-date=|access-date=}}

The decade was marked by the formation of strategic partnerships, starting in 2011 with an alliance between KCM and UniCredit{{Cite web|url=https://www.next-finance.net/Kepler-Capital-Markets-enters-into|title=Kepler Capital Markets enters into a strategic alliance with UniCredit|last=|first=|date=November 2011|website=Next Finance|archive-url=|archive-date=|access-date=}} in equity brokerage and equity capital markets, at first in Western Europe and then in Central and Eastern Europe starting in 2012. UniCredit acquired a stake in KCM in 2013.

Two years later, in April 2013, KCM acquired Cheuvreux from Crédit Agricole CIB and re-branded to Kepler Cheuvreux.{{Cite web|url=https://www.thetradenews.com/kepler-in-talks-to-acquire-ca-cheuvreux/|title=Kepler in talks to acquire CA Cheuvreux|last=|first=|date=July 18, 2012|website=The Trade|archive-url=|archive-date=|access-date=}} In December 2013, Kepler Cheuvreux acquired the activities of Derivatives Capital, a French company specializing in structured products for independent financial advisors and private banks,{{Cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=241271204|title=Company Overview of Derivatives Capital Kepler Cheuvreux|last=|first=|date=|website=Bloomberg|archive-url=|archive-date=|access-date=}} to create a new independent platform in this market.

In the period 2015 – 2018 Kepler Cheuvreux established strategic ECM & research distribution partnerships with Rabobank for the Netherlands,{{Cite web|url=https://www.reuters.com/article/rabobank-kepler-holdings-idUSL8N19D0E8|title=Rabobank outsources equity research and trading to Kepler|last=|first=|date=June 21, 2016|website=Reuters|archive-url=|archive-date=|access-date=}} Swedbank for the Nordics{{Cite web|url=https://www.thetradenews.com/swedbank-and-kepler-cheuvreux-join-forces-in-equities/|title=Swedbank and Kepler Cheuvreux join forces in equities|last=|first=|date=June 19, 2017|website=The Trade|archive-url=|archive-date=|access-date=}} and Belfius for Belgium.{{Cite web|url=https://www.linkedin.com/pulse/kepler-cheuvreux-signs-ecm-cooperation-agreement-belfius-shin/|title=Kepler Cheuvreux signs ECM cooperation agreement with BELFIUS in Belgium|last=|first=|date=|website=|archive-url=|archive-date=|access-date=}} In the same period, the company signed research distribution agreements with CIMB (Asia), Piper Jaffray (US) and CIBC (Canada).{{Cite web|url=https://www.thetradenews.com/kepler-cheuvreux-extends-equity-research-deal-cibc/|title=Kepler Cheuvreux extends equity research deal with CIBC|last=|first=|date=February 8, 2019|website=The Trade|archive-url=|archive-date=|access-date=}} Rabobank, Swedbank, and Belfius also acquired stakes in Kepler Cheuvreux.{{Cite web|url=https://www.thetradenews.com/swedbank-and-kepler-cheuvreux-join-forces-in-equities/|title=Swedbank and Kepler Cheuvreux join forces in equities|last=|first=|date=June 19, 2017|website=The Trade|archive-url=|archive-date=|access-date=}}

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.{{Cite web|url=https://capitalfinance.lesechos.fr/deals/capital-developpement/kepler-cheuvreux-fait-entrer-atlas-merchant-capital-et-eres-127950|title=Kepler Cheuvreux fait entrer Atlas Merchant Capital et Eres|last=|first=|date=June 27, 2018|website=Capital Finance Les Echos|archive-url=|archive-date=|access-date=}}

In September 2025, Kepler Cheuvreux acquired a majority stake in Trackinsight, becoming the company's principal shareholder.{{Cite web |date=September 17, 2024 |title=Kepler Cheuvreux becomes majority shareholder of Trackinsight Service |url=https://www.keplercheuvreux.com/en/articles/press-releases/kepler-cheuvreux-becomes-majority-shareholder-of-trackinsight/ |access-date=May 6, 2025 |website=Kepler Cheuvreux}}

Kepler Cheuvreux's research activity, which includes analyzing financial securities such as equities and bonds, employs more than 120 analysts and covers more than 1,000 companies in Europe.{{Cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=6299918|title=Company Overview of Kepler Cheuvreux SA|last=|first=|date=|website=Bloomberg|archive-url=|archive-date=|access-date=}}

In June 2015, the company signed a partnership with the Asian investment bank CIMB for reciprocal distribution of their research in their respective markets. Since February 2017, Kepler Cheuvreux has been distributing in Europe the equity research of Piper Jaffray, a US investment bank.{{Cite web|url=https://www.thetradenews.com/kepler-cheuvreux-signs-research-agreement-with-us-broker/|title=Kepler Cheuvreux signs research agreement with US broker|last=|first=|date=February 24, 2017|website=The Trade|archive-url=|archive-date=|access-date=}} In September 2018, the French financial services group exported its research to Canada with a partnership with CIBC.{{Cite web|url=https://www.thetradenews.com/kepler-cheuvreux-extends-equity-research-deal-cibc/|title=Kepler Cheuvreux extends equity research deal with CIBC|last=|first=|date=February 8, 2019|website=The Trade|archive-url=|archive-date=|access-date=}}

Kepler Cheuvreux's Execution activity processes buy and sell orders in financial securities such as equities, bonds, derivatives, warrants, ETFs and convertible bonds. Using an in-house trading platform acquired in 2013, this activity consists of 12 execution offices, 77 experts, and membership of 103 major global markets.

Kepler Cheuvreux provides advisory services in investment banking and equity capital markets in conjunction with its banking partners (CACIB, UniCredit, Rabobank, Swedbank, and Belfius), investment services (creation of structured products), debt services (offering liquidity in the primary and secondary bond markets), and specific services to private banks and retail banking networks.{{Cite web|url=https://www.keplercheuvreux.com/en/corporate-finance/|title=Corporate Finance, Kepler Cheuvreux|access-date=2025-05-05}}

Atlas Merchant Capital and Eres (Edmond de Rothschild Equity Strategies) acquired a stake in Kepler Cheuvreux in June 2018.{{Cite web|url=https://www.gide.com/en/news/gide-counsel-on-opening-up-the-share-capital-of-kepler-cheuvreux-to-two-new-shareholders|title=Gide, counsel on opening up the share capital of Kepler Cheuvreux to two new shareholders|last=|first=|date=June 29, 2018|website=Gide|archive-url=|archive-date=|access-date=}} As an independent company, Kepler Cheuvreux's share ownership was as follows in 2018: Management and employees (25.5%), Atlas Merchant Capital (20.0%), Crédit Agricole CIB (15.1%), UniCredit (10.3%), Eres (7.7%), Swedbank (6%), Caisse Des Dépôts (5.2%), Belfius (5.2%), and Rabobank (5%).{{Cite web|url=https://www.unicreditgroup.eu/en/press-media/press-releases/2018/unicredit-strengthens-its-strategic-alliance-with-kepler-cheuvre.html|title=UniCredit strengthens its strategic alliance with Kepler Cheuvreux|last=|first=|date=June 27, 2018|website=UniCredit Group|archive-url=|archive-date=|access-date=}}

Kepler Cheuvreux is a limited company governed by an Executive Board and a Supervisory Board. The supervisory board and the executive board are chaired by Laurent Quirin and Grégoire Varenne, respectively.{{Cite web|url=https://www.keplercheuvreux.com/en/articles/press-releases/kepler-cheuvreux-announces-three-major-new-appointments/|title=Kepler Cheuvreux announces three major new appointments|date=January 18, 2021|website=|archive-url=|archive-date=|access-date=}}

Category:Financial services companies established in 1997

Category:Companies based in Paris

Category:Financial services companies of Europe