What TOBAM does

TOBAM is an independent, Paris-based quantitative asset management firm that was spun out of Lehman Brothers Asset Management France in 2009 when founder Yves Choueifaty acquired 100% of the French operations following the parent's bankruptcy. The firm manages approximately $10 billion in assets under management across equity, fixed income, multi-asset, and cryptocurrency strategies for institutional clients including pension funds, sovereign wealth funds, and insurance companies. As of December 2021, TOBAM had 51 professionals and operated from headquarters in Paris and a New York office serving North American institutional investors.

The firm's core technology is its proprietary Maximum Diversification® methodology, which redistributes security weights based on the risk each security carries rather than market capitalization, providing true diversification versus cap-weighted indices. This approach is implemented through the Anti-Benchmark® equity, fixed income, and multi-asset strategies, and is patented in the US, Canada, Australia, and Japan. The firm has extended this quantitative approach into thematic strategies, including LBRTY® (which mitigates exposure to authoritarian regimes and surpassed $100M AUM in 2024) and ₿TOBAM crypto asset strategies anchored by the first open-ended Bitcoin fund launched in 2017. TOBAM has obtained the LuxFLAG ESG label for its full Anti-Benchmark fund range and maintains a PRI A+ rating for responsible investment governance.

TOBAM generates revenue through management fees on assets under management, with fees typically negotiated on an AUM basis with institutional clients. Distribution is primarily through direct institutional sales from Paris and New York offices, with secondary distribution through the Global Blockchain Equity UCITS ETF listed on Euronext and the TOBAMdirect self-serve platform for sophisticated investors. The firm is controlled by founder-CEO Yves Choueifaty, with CalPERS holding a 17.5% strategic stake since 2011 alongside a $150M global equity mandate.

Name

TOBAM

Legal name

TOBAM

Website

https://tobam.fr

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

51–100 employees

Short description

TOBAM is a Paris-based quantitative asset management firm managing approximately $10 billion for institutional clients using its proprietary Maximum Diversification methodology. Founded in 2009, it offers equity, fixed income, multi-asset, and cryptocurrency investment strategies to pension funds and sovereign wealth funds globally.

Ownership category

akta.pro rank

Product category

Quantitative Asset Management

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Digital/Hybrid Private Wealth (Robo-Enabled HNW Service) (FSAAABAO)

Keywords

• Quantitative asset management
• Maximum diversification strategies
• Anti-benchmark equity
• Institutional investment management
• Bitcoin fund management

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Asset Management Fees: TOBAM generates revenue through management fees charged on assets under management across its various investment strategies including equity, fixed income, multi-asset, and crypto funds. The firm manages approximately $10 billion in assets for institutional clients.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

TOBAM is an independent, Paris-based quantitative asset management firm that builds and manages institutional investment strategies using its proprietary Maximum Diversification® and Anti-Benchmark® methodologies. Its offering spans Anti-Benchmark® equity (global, regional, country-specific), fixed income, and multi-asset strategies, the LBRTY® equity strategy that mitigates exposure to authoritarian regimes, and the ₿TOBAM crypto asset family covering Bitcoin and blockchain equity, including a UCITS ETF. The firm manages approximately $10 billion in assets under management for pension funds, sovereign wealth funds, insurance companies, and other large institutional clients worldwide.

Differentiator

Problem solved

Functional benefit

Brands

• Maximum Diversification®: Proprietary diversification approach and investment philosophy based on maximizing diversification ratio rather than market-cap weighting.
• Anti-Benchmark®
• LBRTY®
• ₿TOBAM
• TOBAMSolutions®

Products and services

• Anti-Benchmark® Equity Strategies Family of long-only equity strategies (global, regional, and country-specific including US, Euro, France, Japan, Pac ex-Japan, Canada, Emerging Markets, All Countries World) that apply TOBAM's Maximum Diversification® methodology to systematically avoid benchmark concentration and deliver true diversification for institutional clients.
• Anti-Benchmark® Fixed Income Strategies
• Anti-Benchmark® Multi-Asset Strategies Multi-asset portfolios combining Anti-Benchmark equity, fixed income, and other asset classes under the Maximum Diversification® approach, for institutional clients seeking diversified, benchmark-aware multi-asset solutions.
• LBRTY® Equity Strategy Civil and democratic rights focused equity strategy designed to insulate investors from risks posed by autocratic countries by minimizing direct and indirect exposure to authoritarian regimes.
• ₿TOBAM Bitcoin Enhanced Strategy Bitcoin-focused investment strategy within the ₿TOBAM crypto asset family, designed to provide institutional and sophisticated investors enhanced exposure to Bitcoin through a managed fund structure.
• ₿TOBAM Bitcoin-Linked and Blockchain Equity Strategy Strategy providing exposure to publicly listed companies with significant Bitcoin and blockchain exposure, combining equity and Bitcoin-linked instruments for institutional and sophisticated investors.
• ₿TOBAM Global Blockchain Equity Fund Fund providing exposure to publicly traded companies globally that are highly correlated with the Bitcoin and blockchain ecosystem, available as a commingled fund and as a UCITS ETF.
• ₿TOBAM Crypto Liquidity Fund Crypto-focused liquidity fund providing sophisticated investors a managed vehicle for liquidity management within the ₿TOBAM crypto asset range.
• ₿TOBAM Bitcoin Treasury Opportunities Fund Strategy providing institutional and sophisticated investors with exposure to companies pursuing Bitcoin treasury strategies as part of their corporate balance sheet approach.
• TOBAM Global Blockchain Equity UCITS ETF Active UCITS ETF providing exposure to publicly traded companies highly correlated with Bitcoin, listed on Euronext, expanding access to TOBAM's blockchain equity strategy for a broader investor base.
• TOBAMSolutions® Customized Solutions Bespoke investment solutions and customized mandates built on TOBAM's quantitative research and Maximum Diversification® methodology for sophisticated institutional clients with specific portfolio requirements.
• Anti-Benchmark High-Yield 2027 Maturity Fund Article 8 compliant (SFDR) diversified high-yield fixed income fund with a 2027 maturity, applying the Anti-Benchmark® Maximum Diversification® approach to high-yield credit for institutional investors.

Quantifiable outcome

• 20% carbon footprint reduction in all portfolios versus benchmarks with no significant impact on risk/return profile or diversification benefits
• +1 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered minor and core.

• UTXO ManagementminorStrategic or Co-development PartnerTOBAM partners with UTXO Management to support Capital B's focus on data intelligence and decentralized technology for bitcoin treasury operations.
• Maxim Group LLCminorChannel Partner/ Reseller/ DistributorMaxim Group LLC served as sole manager for Capital B's €15.2 million private placement that included TOBAM as a strategic investor.
• Marex S.A.minorChannel Partner/ Reseller/ DistributorMarex S.A. served as co-manager for Capital B's €15.2 million private placement supporting bitcoin acquisition strategy.
• Strategic Investment GroupcoreStrategic or Co-development PartnerStrategic Investment Group partnered with CalPERS to select TOBAM for Manager Development Program II, managing a $150 million global equity mandate for CalPERS.
• Norges Bank Investment ManagementcoreStrategic or Co-development PartnerTOBAM's exclusion policy is based on the exclusion list published by Norges Bank Investment Management, a renowned investment institution and founding member of PRI. This covers controversial products (Tobacco, Coal, Weapons) and behaviors (Human rights, Environment violations).
• BloombergcoreTechnology or IntegrationTOBAM uses officially published data from Bloomberg to monitor sustainability criteria for all listed companies in their investment universe, including climate change policies, ESG metrics, and governance data.

Scale indicators3 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Lombard Odier Investment Managers: Swiss-headquartered private bank and asset manager with quantitative, ESG and systematic strategies. Comparable European boutique-style manager serving institutional and HNW clients with a similar independent ownership profile.
• Ossiam: Paris-headquartered quantitative asset manager owned by Natixis Investment Managers, focused on factor, smart-beta and ESG strategies. Closest direct French boutique peer to TOBAM in scale, philosophy and institutional client focus.
• WisdomTree: US-listed asset manager specialising in quantitative ETFs and thematic strategies including a blockchain ETF. Direct peer to TOBAM in combining proprietary quantitative methodology with publicly traded ETF distribution.
• ARK Invest: Thematic asset manager focused on disruptive innovation including dedicated Bitcoin and blockchain ETFs. Comparable to TOBAM's ₿TOBAM crypto and blockchain equity product line in institutional crypto exposure.
• Pantera Capital: Crypto-focused asset manager and venture firm with institutional Bitcoin, blockchain and digital-asset funds. Direct peer to TOBAM's regulated crypto asset management business.
• CoinShares: Jersey/Stockholm-listed crypto asset manager offering Bitcoin and blockchain ETPs and institutional investment products. Closely comparable to TOBAM's ₿TOBAM regulated crypto product set for institutional buyers.

Broad incumbents

• BlackRock: Largest global asset manager with broad quantitative, ETF and iShares blockchain capabilities. Major incumbent competitor for institutional mandates, though much larger and broader than TOBAM.
• Vanguard: World's largest mutual fund and ETF provider with deep institutional pension relationships. Competes with TOBAM in passive/quantitative equity, though without crypto offerings.
• Amundi (including Lyxor): Europe's largest asset manager, which absorbed Lyxor in 2022 adding significant quantitative and ETF capabilities. French-headquartered broad incumbent with quantitative strategies competing for the same European institutional clients as TOBAM.
• Invesco: Global asset manager with QQQ and a sizeable ETF/quant franchise including blockchain ETFs. Overlaps with TOBAM across institutional mandates and ETF distribution channels.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/tobam

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

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

M&A

Investments6 records

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

Frequently asked questions about TOBAM