Kepler Cheuvreux

What Kepler Cheuvreux does

Kepler Cheuvreux is an independent European financial services company founded in 1997 and headquartered in Paris, serving institutional investors, corporate issuers, and asset managers across Europe, the US, the Middle East and Latin America through 14 financial centres and approximately 600 employees. The firm operates across six integrated business lines: Research (Europe's largest independent equity research platform with 110+ analysts covering 1,000+ stocks across 34 sectors), Execution (KCx proprietary electronic trading platform processing EUR 2 billion average daily volume across equities, fixed income, derivatives, ETFs and convertibles), Fixed Income and Credit, Structured Solutions (EUR 8+ billion in products handled in 2025), Corporate Finance (M&A advisory, ECM, capital raising), and Asset Management (EUR 12 billion AUM platform combining Ellipsis AM, Kepler Unigestion, and KC Invest).

The firm monetizes through a diversified mix of transaction fees (execution commissions, average EUR 2 billion daily equities traded), subscription/recurring revenues (research distribution, asset management fees on EUR 12B AUM, ETF data via Trackinsight covering 14,000 ETFs), and professional services (structured product design, M&A and ECM advisory). Its go-to-market is sales-led, delivered through direct institutional sales teams serving 1,300 institutional clients, supplemented by strategic distribution partnerships with FactSet (EMEA research integration), Bloomberg Tradebook (execution), Crédit Agricole CIB (MENA ECM) and Belfius Bank (Belgian ECM, which also holds a 5.02% equity stake).

Kepler Cheuvreux's competitive positioning rests on its independence (employee ownership exceeds 25%), consistent #1 rankings in Extel/Institutional Investor surveys for six consecutive years (2020-2026), and proprietary technology spanning KCx execution, Kepler Cheuvreux Discovery (video research), the Trackinsight ETF database, and AI-enhanced quantitative strategies via Kepler Unigestion. The firm is pursuing an active diversification strategy, having built a EUR 12 billion asset management platform in four years, expanded geographically with new offices in Warsaw and Dubai, and entered strategic JVs (Cambiar, Unigestion) to extend global reach across 3,300+ stocks.

Name

Kepler Cheuvreux

Legal name

Kepler Cheuvreux

Website

https://www.keplercheuvreux.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

501–1,000 employees

Ownership category

akta.pro rank

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices14 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Equity Brokerage and Execution: Commissions and transaction fees from equity trading, execution services and corporate brokerage including share buyback programs across Europe. Average daily equities traded of EUR 2 billion.
2. Research Services: Research services provided to institutional investors, asset managers, banks and corporate clients. Europe’s largest independent equity research coverage.
3. Fixed Income and Credit: Fixed income trading, credit research and debt capital markets services across European markets.
4. Structured Solutions (Kepler Cheuvreux Solutions): Design and commercialisation of tailor-made structured investment solutions. Treated more than EUR 8 billion in 2025. Operates across Europe and Latin America.
5. Corporate Finance: M&A advisory, capital raising, financing solutions and ECM transactions for companies, financial sponsors, family offices and entrepreneurs.
6. Asset Management: Asset management services via Ellipsis AM (convertibles, credit, risk mitigation strategies) with EUR 8.5 billion AUM, Kepler Unigestion (quantitative AI strategies) with EUR 3 billion AUM, and KC Invest (unlisted assets including Move Capital private equity). Total asset management platform approaching EUR 12 billion AUM as of February 2026.
7. ETF Services (ETF One / Trackinsight): ETF data, analytics, selection tools, trading execution and advisory services. Trackinsight covers 14,000 ETFs with 99.8% coverage of European and North American ETF markets.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

Kepler Cheuvreux is an independent European financial services company that provides institutional clients with equity, ESG, quantitative and credit research covering 1,000+ European stocks; equity, fixed income, derivative, ETF and convertible bond execution via the KCx trading platform; structured investment solutions (Kepler Cheuvreux Solutions); corporate finance advisory (M&A, ECM, capital raising); and asset management services through Ellipsis AM, Kepler Unigestion and KC Invest (approx. EUR 12 billion AUM as of February 2026).

Product overview

Kepler Cheuvreux is a leading independent European financial services company offering a comprehensive platform of financial services. The core offerings include Research (equity, ESG, quantitative, and credit research covering 1,000+ stocks with 110+ analysts), KCx Execution Services (trading across equities, fixed income, derivatives, ETFs and convertibles with EUR 2bn daily volume), Fixed Income and Credit, Kepler Cheuvreux Solutions (structured products), Corporate Finance, and Asset Management (EUR 12bn AUM platform comprising Ellipsis AM for listed assets, Kepler Unigestion for quantitative strategies, and KC Invest for unlisted assets). Strategic products include ETF One (institutional ETF platform integrating Trackinsight data), Kepler Cheuvreux Discovery (video research platform), and KC Agency (listed derivatives). The company integrates AI capabilities including generative AI and natural language processing through partnerships with platforms like FactSet.

Differentiator

Problem solved

Functional benefit

Brands

• KCx: Execution services platform supporting Equities, Fixed Income, Derivatives, ETFs and Convertible Bonds across Europe, America, and Asia.
• ETF One
• KC Agency
• Kepler Cheuvreux Discovery
• Kepler Cheuvreux Solutions

Products and services

• Kepler Cheuvreux Research Independent equity, ESG, quantitative and credit research coverage of 1,000+ European stocks across 34 sectors, delivered by 110+ analysts from 12 research offices; designed for institutional investors, asset managers, banks and corporate clients.
• KCx Execution Services Proprietary electronic trading platform for equities, fixed income, derivatives, ETFs and convertible bonds across Europe, America and Asia, with average daily volume of EUR 2 billion. Targets institutional clients seeking best-execution trading, advanced algorithmic strategies including Implementation Shortfall, Liquidity Seeker and dynamic Target-Close.
• Fixed Income and Credit Fixed income and credit desks covering institutional client needs across all types of fixed income products, including credit research and debt capital markets services across European markets.
• Kepler Cheuvreux Solutions (Structured Solutions) Independent European leader for research, design and commercialisation of tailor-made structured investment solutions; business line with 55+ professionals including financial engineers, handling more than EUR 8 billion in products in 2025 across Europe and LATAM.
• Corporate Finance M&A advisory, capital raising, financing solutions and ECM transactions for companies, financial sponsors, family offices and entrepreneurs, leveraging the Belfius ECM partnership and Crédit Agricole CIB MENA extension.
• Kepler Cheuvreux Asset Management Full range of asset management services combining Ellipsis AM for convertibles/credit/volatility (EUR 8.5bn AUM), Kepler Unigestion for quantitative AI strategies (EUR 3bn AUM) and KC Invest for unlisted assets (including Move Capital private equity), totaling approximately EUR 12bn AUM as of February 2026.
• Ellipsis AM Wholly-owned subsidiary specializing in convertibles, credit, volatility and listed derivatives asset management via Convertibles & Credit, Alternative & Risk Mitigation Strategies, and Solution Funds; EUR 8.5bn AUM as of February 2026.
• Kepler Unigestion Joint venture with Unigestion deploying proprietary AI models for quantitative equity strategies including Core AI Equity long/short and long-only, and Defensive Equity strategies, managing approximately EUR 3 billion AUM.
• KC Invest (Move Capital Fund I) AMF-accredited management platform for unlisted assets managing Move Capital Fund I (B2B technology growth equity including Shark Robotics EUR 10m investment) focused on French and European technology companies in cybersecurity, IoT and AI.
• ETF One Institutional ETF platform combining ETF data services, research and advisory, and independent ETF execution, backed by a database covering 14,000 ETFs (99.8% European/North American market coverage via Trackinsight).
• Trackinsight Majority-owned global reference platform for ETF selection and analysis, serving 50 institutional clients (including two of the world's largest private banks) with ETF data, manager/fund selection analytics and portfolio construction tools covering 14,000 ETFs.
• Kepler Cheuvreux Discovery Proprietary video research platform dedicated to discovery of investment ideas featuring Morning Pitches, Educational deep dives, Market Chatter, Convictions and Strategy formats with daily updates including corporate access events and expert talks.
• KC Agency Business line providing institutional clients access to listed derivatives products as an extension of the Execution services platform.
• AI Doc Ingest for Cobalt (Beta) Beta AI tool enabling automated document ingestion and analysis for research workflows within FactSet/Cobalt workflows, supporting EMEA research automation.

Quantifiable outcome

• EUR 2 billion average daily equities traded
• +5 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability4 records

Feature4 records

Partnerships

17 partnerships are on record, tiered minor and core.

• France Produits StructurésminorStrategic or Co-development Partner · 12 February 2026Kepler Cheuvreux Solutions is a founding member of France Produits Structurés, an industry association of 10 recognized structured products market participants created to promote professional standards, best practices and market development in France.
• FactSetcoreTechnology or Integration · 10 February 2026Strategic partnership to integrate Kepler Cheuvreux's aftermarket research covering 1,000+ European stocks across 34 sectors into the FactSet platform across EMEA. GenAI integration planned for early 2026 enabling FactSet users to interrogate, summarize, compare and contextualize European equity research using AI tools within their workflows. Enhances FactSet's Aftermarket Research service which already includes content from 1,800+ brokers worldwide.
• Cambiar InvestorscoreStrategic or Co-development Partner · 3 February 2026Strategic joint venture to expand global distribution of Cambiar's investment strategies (Global Equity and Large Cap Value) to investors across Europe, Canada and the Middle East, combined with a research cooperation agreement enabling sharing of analytical resources. Cambiar maintains portfolio management responsibilities while Kepler Cheuvreux provides research depth, asset management infrastructure and regional distribution across its 14 financial centres.
• EuronextminorStrategic or Co-development Partner · 7 November 2025Kepler Unigestion partnered with Euronext to launch the Euronext Kepler index, a new benchmark index for European equities combining quantitative methodology with Euronext's index infrastructure.
• Centile PartnersminorStrategic or Co-development Partner · 27 January 2025Development of strategic partnership with Centile Partners to establish a strong presence in listed derivatives, expanding Kepler Cheuvreux's product offering in this segment.
• UnigestioncoreStrategic or Co-development Partner · 21 January 2025Strategic partnership and subsequent joint venture to establish Kepler Unigestion, a joint asset management company specializing in quantitative strategies for public equities. Combines Unigestion's 30+ years of AI-driven quantitative expertise with Kepler Cheuvreux's research and distribution capabilities. Kepler Unigestion manages ~EUR 3 billion AUM as of February 2026. All regulatory approvals received for launch.
• Alpha FinanceminorGTM or Marketing Partner · 18 November 2024Strategic partnership to expand equity research distribution across respective markets, allowing Kepler Cheuvreux to reach additional investor audiences in the Greek and Southeast European markets.
• TrackinsightcoreStrategic or Co-development Partner · 17 September 2024Kepler Cheuvreux became majority shareholder of Trackinsight, the global reference platform for ETF selection and analysis. Trackinsight operates independently with existing expert teams maintaining the brand. Collaboration aims to provide ETF selection tools, cutting-edge analyses for manager and fund selection, and innovative portfolio construction tools. Trackinsight covers 14,000 ETFs with 99.8% European/North American market coverage.
• Crédit Agricole CIBcoreStrategic or Co-development Partner · 2 September 2024Equity Capital Markets partnership with Crédit Agricole CIB extended to encompass the Middle East and North Africa (MENA) region, combining origination capabilities with research, brokerage and institutional sales for ECM transactions across the expanded geography.
• Argus ResearchminorGTM or Marketing Partner · 17 July 2024Strategic partnership to distribute US equity research across Continental Europe, expanding Kepler Cheuvreux's research offering to include independent US equity coverage alongside its European platform.
• Bloomberg TradebookcoreTechnology or Integration · 23 April 2024Kepler Cheuvreux Execution Services (KCx) became live as a broker on Bloomberg Tradebook's PAIR solution, opening new avenues for traders to access Kepler Cheuvreux execution services through Bloomberg terminals.
• Sustainable TradingminorOthers · 19 April 2023Kepler Cheuvreux joined Sustainable Trading as a member, a non-profit membership network dedicated to transforming ESG practices within the financial markets trading industry, working with peers to drive industry change.
• Belfius BankcoreStrategic or Co-development Partner · 26 January 2023Strategic partnership renewal for five years covering ECM transactions, Equity Research, Equity Sales & Brokerage. Belfius responsible for ECM origination and structuring in Belgium; Kepler Cheuvreux provides equity research, brokerage and institutional sales. Partnership rose to #1 for ECM transactions in Belgium in 2022 and advised on 59 ECM transactions raising ~EUR 7.99 billion between 2018-2022. Belfius holds 5.02% stake in Kepler Cheuvreux with supervisory board seat.
• GreenlyminorOthers · 25 October 2022KC Invest partnered with Greenly to proactively manage carbon emissions reduction policy for scopes 1, 2 and 3, supporting KC Invest's medium-term carbon neutrality objective.
• MacquarieminorGTM or Marketing Partner · 1 September 2022Cooperation agreement combining leading equity trading and research capabilities in Macquarie's core Asia Pacific region with Kepler Cheuvreux's European platform to reach more than 3,300 stocks covered globally.
• Piper SandlerminorGTM or Marketing Partner · 1 January 2022Partnership with Piper Sandler in the United States enabling Kepler Cheuvreux to extend equity research coverage to the US market alongside its Asia Pacific coverage via Macquarie, reaching more than 3,300 stocks covered globally.
• Ellipsis Asset ManagementcoreStrategic or Co-development Partner · 12 October 2021Acquisition of Ellipsis AM from Exane SA (BNP Paribas subsidiary) completed January 2022. Ellipsis AM is a recognized European and global convertible bond manager with EUR 2.5 billion AUM at acquisition. Cornerstone of Kepler Cheuvreux's listed asset management platform. Has since grown to EUR 8.5 billion AUM. Both parties are UN PRI signatories with ESG at heart of synergies.

Scale indicators15 records

Recent moves11 records

Expansion highlights5 records

Peers

• Investec (Investment Banking):

Direct peers

• Berenberg: Berenberg is Europe's leading independent merchant bank with comparable research, execution, asset management and corporate finance capabilities for institutional clients. Both firms target European institutional investors with an independent, research-led model and have built sizeable equity research and execution franchises outside the bulge bracket.
• Bryan, Garnier & Co: Bryan, Garnier & Co is a European independent investment bank focused on growth companies with equity research, ECM/DCM execution and M&A advisory. It is a direct peer in the European independent equity broker space, with similar institutional client base and pan-European footprint.
• Peel Hunt: Peel Hunt is a UK independent investment bank focused on research, execution and corporate finance for mid- and small-cap European companies. Following its merger with Numis Securities, it operates the most direct UK analogue of Kepler Cheuvreux's independent, research-led model and competes for similar ECM and research mandates.
• Mediobanca Securities: Mediobanca Securities is the equity brokerage arm of Mediobanca Group, offering equity research, execution and corporate finance focused on Italian and European mid-/large-caps. It is a direct peer in the Continental European equity research and execution market, with overlapping client base and product offering.
• Baader Bank: Baader Bank is a leading German independent broker providing execution, research, asset management and capital markets services across Europe. It is a direct peer in the DACH region, competing for execution and corporate finance mandates with a comparable independent, multi-service model.

Broad incumbents

• Jefferies International: Jefferies is a global full-service investment banking firm with a strong European equity research and execution franchise. It competes with Kepler Cheuvreux for mid- and large-cap European equity research mandates, execution, and corporate finance, but at a much larger scale and broader geographic scope.
• Stifel Europe: Stifel acquired European independent brokers (including MainFirst and Zaraddin) to build a European equity research, execution and corporate finance franchise. As a larger North American-headquartered player with comparable European institutional research and execution, it competes for similar client mandates at greater scale.

Regional players

• Pareto Securities: Pareto Securities is the leading Nordic independent investment bank offering equity research, execution, ECM/DCM and M&A. It is comparable in its independent full-service model but primarily serves Nordic institutional and corporate clients, providing a regional peer for Kepler Cheuvreux's Nordic research offices.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/kepler-cheuvreux
• Facebookfacebook.com/160901127443647

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries4 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kepler Cheuvreux