Mise en page 1 - Exane BNP Paribas

Exane in brief
Key figures
2010
€408.6m
Net Banking Income
€66.4m
Net Profit
880
Employees
The year 2010 was shaped by two important
developments:
• Asset Management has reached critical mass in
terms of assets under management, thus establishing
itself as a key business for the Group.
• Cash Equities and Equity Derivatives both benefit
from the strengthening of our partnership with
BNP Paribas. For Cash Equities, this results in
sharply increased investment in research and
execution. Equity Derivatives, for its part, is able
to create and distribute products bearing the
BNP Paribas signature.
The Group now rests on three solid
pillars, providing stability in an uncertain
environment. Progress has been made
in pursuit of the objective, set in 2010,
of improving strategic integration
with BNP Paribas while preserving
the independence of Exane’s
management.
Nicolas Chanut
Chairman and CEO
BNP Paribas Partnership
An innovative and effective
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:
• Anoperational partnership inEuropeancashequitieswhereBNPParibas
conferredexclusivitytoExaneundertheExaneBNPParibasbrand.
• Abalance sheet partnership,whichisparticularlywellsuitedtoourEquity
Derivativesbusiness,providingfinancingandsupportforourrating.
• Acapital partnership unitingthestrengthofBNPParibaswiththeindependence
ofExane.
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* Exane Group’s key managers and experts
Exane in brief
Three business lines...
specialisinginEuropeanequities,Exaneisactiveinthree businesses:
Asset
Management
European
equities
Structured
products
Convertible bonds
Options
Long/short
equity
RE
VEs tME Nt
sEARCH
Equity
Derivatives
iN
Cash
Equities
EquitiEs
...a strong culture
F
u
ND
A M ENtA
Equities
investment
Research
Excellence
independence
Commitment
VA L u E s
Ls
Exane’s growth has always been grounded on
3 fundamentals: the Equities universe,
Investment expertise (trading and asset
management) and top-class Research in
equitiesandderivatives.
these three pillars of our business model are
underpinned by 3 core values that have
shapedtheGroup’sculturesinceitscreation.
Cash Equities
Exane BNP Paribas, a Top 10 broker for European
! A recognised
franchise in
European stocks
equities, continues to expand under the impetus of its
large platform in London and the stronger partnership
with BNP Paribas.
• No.7 for equity sectors
research inEurope
A solid business model
• 7 sectors inthe Top 5
• qualityresearchreputedforrigorousanalysisandsectorexpertise.
• No.4 broker forEuropean
small&Midcaps
• Asalesforceclosetoourinstitutionalclientsandrecognisedforits
stock-pickingexpertise.
• No.1 broker inFrance
• Acomprehensiverangeofexecutionservices(high-touchsales
trading,facilitation,electronictrading,programtradingandEtF).
591
610
518
610
357
431
455
increase in the
number of European
stocks under
coverage
n Europe
stocks covered
115
! A continuous
n France
161
160
155
analysts
2009
1,200
institutional clients
worldwide
Figures as of end-June 2011
2010
2011*
* end-June 2011
880
issues a year
144
Front Office
employees
Equity Derivatives
Exane Derivatives has built a robust structured products
franchise, based on its longstanding leadership in European
convertible bonds and options.
Strength built on a unique positioning
• ExaneDerivatives’ services and research are driven by the ‘‘Mix’’ of
fundamentalanalysis,financialinnovationandoptimisationofmarket
parameters.
• Acomprehensiveapproachtoadvisingclientsonallocationacrossasset
classes.
• Know-how in designing optimum investment solutions to suit the
risk/reward objectives of each investor type: mutual funds, private
banking,institutionalsandretailnetworks.
! Creation
of Ellipsis AM
Ellipsis AM,asubsidiary
ofExaneDerivatives,is
anewassetmanagement
structureoperatedbythe
Group.itwasregistered
withtheAMFinMay2011.
itmanagesarangeof
convertiblebonds,indexlinkedandstructuredfunds.
• Profitablemarketmakingandtradingbusinessesdespitetoughmarket
conditions,backedupbytightriskmanagement.
E xa ne
Equity
Bonds
Currency
...
Analysis
of market
parameters
Derivatives
strategies
MIX
Product
allocation
estor
nv
I
Fundamental
analysis
s
rke
Ma ts
Objectives
Constraints
Exane in brief
Asset Management
Exane Asset Management is one of the leaders in
long/short equity fund management in Europe.
Strong performances from long/short
equity funds
• Adoubleculturecombiningafundamentalapproachandin-depth
knowledgeofmarkets.
• Provendisciplineandriskcontrolinasecure,transparentregulatory
framework(uCits).
• Asteadytrack-recordandademonstratedcapacitytogenerategood
resultsregardlessofmarketconditions.
4250
! L/S equity expertise
rewarded with a
significant rise in
assets under
management
2800
n singlefunds
n self-investedfundsoffunds
1850
1050
13
funds managers
€6.1bn
1000
under management
550
2008
(in€m)
2009
2010
10
funds managed
London
Brussels
Award-winning
franchises
Frankfurt
Geneva
Madrid
Milan
Stockholm
! Cash Equities
l
l
l
Zurich
l
No.7 for equity sectors research in Europe(1)
No.8 equity house in Europe(1)
No.4 broker for European Small & Midcaps(1)
Leading brokerage firm in France(1)
New York
Singapore
! Equity Derivatives
l
l
l
l
l
No.3 for equity derivatives in Europe(1)
No.2 in derivatives sales in Europe(1)
No.2 for convertible research in Europe(1)
No.4 for derivatives research in Europe(1)
No.1 in derivatives and convertible bond research on
European equities in France(2)
! Asset Management
l
l
l
EXANE SA
16, Avenue Matignon
75008 PARIS
Tel: + 33 (0)1 44 95 40 00
Fax: + 33 (0)1 44 95 40 01
www.exane.com
Exane Ceres - prize for the best relative value equity fund(3)
Exane Archimedes & Exane Ceres - 1st & 2nd long/short
equity funds, over three years(4)
Nomination of the Exane Archimedes & Exane Ceres funds best UCITS fund category(5)
(1) Thomson Reuters Extel Pan European Survey 2011
(votes from ‘‘Key Fund Managers’’ based on commissions paid)
(2) Agefi / Grands Prix de l’Analyse Financière 2011
(Extel votes from French institutional investors only)
(3) UCITS Hedge Awards, 2011
(4) Citywire, 2011
(5) Eurohedge awards, 2010
July 2011. Photo credits: Jean-Erick Pasquier (La Company), Pascal Dolémieux and Gilles Leimdorfer (Rapho - Photography agency). Design, creation: www.planetepublicite.fr
Paris