Brexit: London boutique sets up office in Paris
London-based investment firm Eleva Capital has been granted a licence as authorised asset management company by the French financial market regulator AMF, InvestmentEurope can reveal.
The boutique, specialised in European equities and founded by former Syz’s portfolio manager Eric Bendahan in 2014 in Britain’s capital, has received AMF’s green light on 14 June 2017.
Eleva Capital’s offices in Paris are located 15 avenue Matignon. The company was incorporated in France on 25 April 2017. It is not known however if all or part of Eleva Capital’s activities are being transferred to Paris.
Eleva Capital tallies 13 professionals including five members in the investment team. The manager is currently running two strategies: the Eleva European Selection Fund and the Eleva Absolute Return Europe Fund, both sub-funds of the Luxembourg-domiciled Eleva Ucits Fund Sicav.
Contacted by InvestmentEurope, the firm was not available to comment the information at the time of the publication.
Discussing Brexit’s asset management moves in the latest issue of InvestmentEurope, Jean-Louis Laurens, ambassador of the French asset management industry, highlighted the need for a plan B as UK asset managers may lose product and company passports as well as EU fund distribution rights.
AMF has said last May it is reviewing some 30 cases of London-based asset managers willing to relocate, completely or partially, to Paris ahead of Brexit.
Robin Rivaton, CEO of the Paris Region Economic Development Agency, explained in an interview to radio station RTL on 29 March 2017 that most of the companies seeking to move from London to the French capital have already strong links with the French state as they have been launched by French expatriates in London.