What Indépendance AM does

Indépendance AM is an independent, founder-led asset management company headquartered in Paris (20, avenue Franklin D. Roosevelt, 75008) that specializes in French and European listed small- and mid-cap equities. The firm's investment process is built on a proprietary "Quality Value" methodology developed since 1992, which screens for profitable growth measured by Return on Capital Employed (the Quality dimension) combined with undervaluation measured by a price/capital ratio (the Value dimension), supplemented by direct engagement with company management and ESG analysis via the EthiFinance-Gaïa Rating partnership.

The product suite comprises five funds managed under a consistent methodology: three open-ended UCITS vehicles — Indépendance France Small & Mid (since 1993), Indépendance Europe Small (since 2018), and Indépendance Europe Mid (since October 2024, with an Active ETF share class added in May 2026) — plus two closed-end vehicles, Family Value I (2021-2028) and Family Value II (2023-2030), targeting long-term investment in listed French family businesses. All funds carry SFDR Article 8 classification and the firm is a PRI signatory with the France Relance label.

The commercial model is fee-based, earning annual management fees of 1.20-1.95% depending on share class, plus a 10% outperformance fee on most share classes. Distribution is multi-channel: institutional platforms (Amundi, Allianz, AXA IM), French PEA/PEA-PME and securities accounts, and French and Luxembourg life insurance wrappers, supported by a dedicated investor relations function and an outsourced IR partnership with Astria. The firm targets institutional investors, wealth managers, family offices, and retail advised clients, with the legal entity incorporated in January 2023 (RCS Paris 948 535 323, AMF authorization GP-20230005) and a 30-year investment track record carried over from the predecessor brand Indépendance et Expansion AM.

Name

Indépendance AM

Legal name

Indépendance AM S.A.S.

Website

https://independance-am.com

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

11–50 employees

Short description

Indépendance AM is an independent Paris-based asset manager applying a proprietary Quality Value methodology to invest in French and European listed small- and mid-cap equities, serving institutional investors, wealth managers, and retail clients across five UCITS and closed-end funds.

Ownership category

akta.pro rank

Product category

Active Equity Management — European Small and Mid-Cap Listed Companies

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

ESG Integration / Responsible Investment Funds (Broad ESG) (FSANAJAL)

Keywords

• Small-cap equity investing
• Active asset management
• European listed equities
• UCITS fund management
• Responsible investment management

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Management Fees: Annual management fees charged on assets under management across all funds. Fee rates vary by share class (A, I, B, X, ETF) from 1.20% to 1.95% depending on investor category and fund.
2. Performance Fees: Outperformance fee of 10% when fund performance exceeds benchmark, charged on share classes A, I, B, and Active ETF.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Indépendance AM is an independent French asset management firm that actively manages equity funds focused on French and European small and mid-cap listed companies (PME-ETI). The firm offers five funds under its proprietary Quality Value methodology: three open-ended UCITS funds (France Small & Mid since 1993, Europe Small since 2018, Europe Mid since 2024) and two closed-end funds (Family Value I 2021-2028 and Family Value II 2023-2030), distributed to institutional investors, wealth managers, and individual investors via PEA accounts and life insurance contracts.

Product overview

Indépendance AM is an independent asset management company offering a suite of equity funds specializing in French and European small and mid-cap listed companies. The product portfolio consists of five distinct funds managed under the proprietary Quality Value investment methodology: three open-ended UCITS funds (France Small & Mid since 1993, Europe Small since 2018, and Europe Mid since 2024) providing daily liquidity for institutional and retail investors, plus two closed-end Family Value funds (I: 2021-2028, II: 2023-2030) with 7-year horizons targeting family-owned businesses. All funds apply the same Quality Value approach—investing in profitable companies with strong ROCE that are undervalued—supplemented by ESG integration since 2016.

Differentiator

Problem solved

Functional benefit

Brands

• Quality Value: The company's proprietary investment methodology, applied across all funds, combining Quality (investing in profitably growing companies) and Value (selecting undervalued stocks) criteria.

Products and services

• Indépendance France Small & Mid Open-ended UCITS equity fund investing in French small and mid-cap listed companies using the Quality Value methodology. Active management with a long-term investment horizon, focused on profitable growth (Quality) and undervalued companies (Value). Available since 1993.
• Indépendance Europe Small Open-ended UCITS equity fund investing in European small and mid-cap listed companies using the Quality Value methodology. PEA/PEA-PME eligible, SFDR Article 8 classified. Available since 2018.
• Indépendance Europe Mid Open-ended UCITS equity fund investing in European mid-cap listed businesses using the Quality Value strategy. PEA eligible, risk level 4 over 7, benchmark STOXX Europe ex UK MID NR. Available since 2024.
• Indépendance Europe Mid Active ETF Active ETF share class of the Europe Mid fund providing direct exchange-traded access to the firm's European mid-cap Quality Value strategy. ISIN: LU3195985372.
• Family Value I Closed-end fund focused on long-term investment in approximately 20 listed French small-cap family businesses. 7-year investment horizon (2021–2028), not accepting new subscriptions. Designed for efficient investment in family businesses with illiquid but high-performing assets.
• Family Value II Closed-end fund focused on long-term investment in approximately 20 listed French small-cap family businesses. 7-year investment horizon (2023–2030). Long-term shareholder approach with ESG ambition implementation alongside business leaders.

Quantifiable outcome

• 13.1% annualized return since 1992
• +3 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core and minor.

• AstriacoreGTM or Marketing PartnerAstria accompanies Indépendance AM in its development and investor relations. Tom Gallet, CFA and Joffrey Quenton represent Astria as investor relations partners providing contact points for investors.
• EthiFinance - Gaïa RatingcoreTechnology or IntegrationESG analysis partner providing research through Gaïa Rating, the rating agency dedicated to small and medium-sized companies listed on European stock markets with over 400 criteria for ESG evaluation.
• Principles for Responsible Investment (PRI)coreStrategic or Co-development PartnerIndépendance AM is a signatory of PRI, an international investor network supported by the United Nations that implements six principles for incorporating ESG practices in investment decision-making.
• France RelanceminorStrategic or Co-development PartnerFrench Ministry of Economics awarded the France Relance label to Indépendance AM's funds, distinguishing them as investment vehicles promoting sustainable finance for French small and mid-cap companies.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Mandarine Gestion: French independent asset manager focused on European small- and mid-cap equities via fundamental, often quality-growth, strategies. Directly comparable in geographic focus, asset class niche, ESG orientation, and boutique distribution model.
• Comgest: European quality-growth asset manager with a long-term investment horizon and ESG integration. Comparable through its quality-oriented stock-picking methodology and strong institutional footprint in continental Europe, though more growth-tilted than Indépendance AM's value approach.
• Montpensier Finance: Paris-based independent asset manager specializing in European small- and mid-cap equities through thematic, quality-oriented strategies. Comparable as a French boutique in the same asset class, with overlapping distribution on PEA and life insurance platforms.
• CPR Asset Management: Amundi-owned French asset manager with dedicated European small- and mid-cap equity strategies. Comparable in target asset class and product set, though CPR benefits from a larger distribution platform via its Amundi parent.
• Lazard Frères Gestion: French asset management arm of Lazard with European small-cap and conviction equity strategies. Comparable as a French-based, fundamentally-driven equity manager with retail and institutional distribution through PEA and life insurance wrappers.
• Financière de l'Échiquier: Independent French asset manager specializing in European equities, including small- and mid-cap strategies, with a conviction-based investment philosophy. Highly comparable to Indépendance AM in target asset class, distribution channels (French wealth platforms), and boutique profile.
• Sycomore Asset Management: French independent asset manager combining fundamental equity strategies with strong ESG integration and engagement. Closely comparable in boutique positioning, ESG leadership (PRI signatory, SFDR Article 8/9), and focus on European listed companies.

Broad incumbents

• ODDO BHF Asset Management: Franco-German asset manager with European equity capability including small- and mid-cap strategies. Comparable as a broader European asset manager active in the same retail wrappers (PEA, life insurance) and institutional channels.
• Amundi: Largest European asset manager, listed as a key institutional distribution partner for Indépendance AM's funds. Comparable as a peer in European small/mid-cap equity strategies and as a distribution channel, while operating at very different scale.
• Rothschild & Co Asset Management: European asset manager with conviction equity strategies across market caps including European mid- and small-cap. Comparable through distribution on French retail platforms and institutional mandates, though offering a much broader product range.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/independance-am

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Indépendance AM