Metals. Corporate Finance. Services. Securities Private Banking. Asset Management C G P I

Transcription

1 Metals Corporate Finance Services Securities Private Banking C G P I Asset Management

2 900 employees 21bn of clients' assets 268m in net banking income 392m in shareholders equity Figures at 31 December, 2011

3 Welcome Dear clients, friends and partners Thanks to the confidence of its clients and employees, the Oddo Group continues to move forwards. In the name of the Executive Committee and the Group s 900 employees, I wish to thank you for your loyalty. For those of you who we do not yet know well enough, the members of the Executive Committee and myself are pleased to welcome you. Our teams and our expertise have been strengthened by the acquisitions of Banque d Orsay and Banque Robeco, and our shareholders equity continues to increase, allowing us to post among the highest capital adequacy ratios in the market. Assets under management have remained stable, despite the downturn in equity markets, thanks to positive net inflows. A survey of our clients and our employees has shed light on the values that make you enjoy working with us. Independent of mind, Committed, Accessible and Results-Focused, our aim is to offer you our market expertise. These four pillars of our relationship are the cornerstones of the reciprocal confidence we have built together over time and the unique hallmark of our company. More generally, we continue to believe that the characteristics of our Group, its values, history, shareholder structure and constantly refreshed expertise, give it a strong identity and are a source of significant growth potential over time. We hope you enjoy reading this presentation of our company. In the name of the Executive Committee, I would like to express my sincere thanks to all of you. Philippe Oddo Managing Partner, Oddo & Cie 01

4 A Group targeting the longer term 2012 The Oddo Group s expertise draws on a long tradition that has allowed it to develop a market-focused business culture Openings of Oddo Options Hong Kong and Oddo Services Luxembourg Acquisitions of Banque d Orsay and Banque Robeco Launch of Oddo Research Institute in Tunis. Link-up with Partanéa Creation of the La Banque Postale Gestion Privée joint venture Acquisition of Cyril Finance (asset management) Acquisition of Crédit Lyonnais European equity brokerage activities Acquisition of NFMDA (private banking). Creation of Génération Vie in a joint venture with Allianz Acquisition of Pinatton (brokerage, corporate finance and private banking) Acquisition of Delahaye Finance (private banking) Philippe Oddo, Managing Partner Pascal Oddo, Managing Partner Bernard Oddo, great-grandson of Camille Gautier, broker Camille Gautier, broker.

5 The people behind the Group 30% of the Group's assets held by 30% of the Group's employees SHAREHOLDING STRUCTURE EMPLOYEE DATA Famille Oddo 42 % Autres 8 % Allianz 20 % 80% officers 40% women Collaborateurs 30 % 39,5 years 34% of officers are women Average age In 2011, the Oddo Group received a positive ESG (Environment, Social and Governance) rating from the agency Ethifinance. Source: Oddo & Cie 2011 Social Responsibility Report 03

6 Governance Management Board This body steers the Group s activity and provides oversight on the Group s financial and human resources aspects. Executive Committee This body makes the group s operational decisions. It develops business and cross-divisional collaboration between our businesses. Philippe Oddo Managing Partner, Oddo & Cie Grégoire Charbit Partner, Oddo & Cie, Director of Group's Operations Head of Oddo Commodities Charles-Henri de Trédern Partner, Oddo & Cie, Director of the Group s Risks, the Compliance and the Inspection departments Laurent Bastin Managing Director of Oddo Private Banking Nicolas Chaput Managing Director of Oddo Asset Management Lorenzo Gazzoletti Deputy Managing Director Oddo Asset Management Fatine Layt Chairman and Managing Partner of Oddo Corporate Finance François Levé Group Financial Director Olivier Rolland Managing Director of Oddo Services Jean-Philippe Taslé d Héliand Chairman of Oddo Private Banking Richard Tuffier Managing Director of Oddo Fixed Income Nicolas Wirz Managing Director of Oddo Securities From left to right: O. Rolland, F. Levé, C-H de Trédern, L. Bastin, F. Layt, J-P Taslé d Héliand, P. Oddo, R. Tuffier, N. Wirz, N. Chaput, G. Charbit, L. Gazzoletti.

7 Risks Department Operations and Support Functions Committee Group Operations Committee Risks Committee Ensures that each division controls the risks and security of its operations. Monitors our operations and the principal support functions (legal, HR, finance, etc.) Operational risks Operations management: IT, middle and back office Validates defined limits Monitors risks Supervisory Board Advises on our activities and on the Group s development. It closely monitors the impact of external-growth transactions, their strategic interest and the integration of new teams. Jean-Pierre Pinatton Chairman of Oddo & Cie s Supervisory Board, and Member of Stakeholder Group ESMA* Gérard Barbot Partner GB Conseil Éric Bourdais de Charbonnière Chairman of Michelin s Supervisory Board Peter Etzenbach Member of the Executive Committee, Chief Investment Officer at Allianz France Antoine Jeancourt-Galignani Chairman of Gecina s Supervisory Board Olivier Marchal Regional Director for Europe, Middle East and Africa at Bain & Company Jacques Richier Chairman and CEO of Allianz France Pierre Vaillaud Member of the Supervisory Boards of Technip and Total Patrick Werner Managing Director of Gras Savoye *European Securities and Markets Authority 05

8 The strong values underpinning the Group Accessible Our clients unanimously appreciate our availability and the welcome we give them. We seek to ensure that our expertise is understandable and that our message is readable. Our research is among the last to be written in French. In our offices, we leave the doors open, and the businesses that I have responsibility for as Director of Operations can easily find me to ask any question. In the Group, we ensure that we are available at short notice and that we are always ready to offer our services. Committed Committed to our clients over the long term, our teams can surmount any challenges to offer a quality service. Our aim is to provide our standards of excellence to our institutional, business and retail clients. I have had the opportunity to go off and develop a business abroad and train employees in the values that underpin the Group. For me, being committed is being capable of taking action in all circumstances. Our clients know that they can count at any moment on our responsiveness, our ability to listen and our expertise. Olivier Gaucheron Director of Investment Banking Operations Claire Davis Deputy Managing Director of Oddo Research Institute

9 Independent of mind Independence is the first quality mentioned by our clients. This independence reinforces the credibility of our research and the originality of our solutions. We are open-minded and always ready to respond to the unique needs of each of our clients. As head economist, I have no hesitation in expressing a different opinion to the market consensus. We must constantly call ourselves into question, and my analytical grid has evolved in tandem with changes in financial markets in recent years. Results-focused Developing lasting ties with our clients and finding concrete solutions to meet their performance objectives is our founding principle. We assist our clients with their projects, thereby participating in their development over time. By developing a specific offer for our private banking clients, developed by a dedicated team, we have been even more pro-active and effective in carrying out major asset transactions. Our clients are satisfied and ready to recommend us to their friends and family. Bruno Cavalier Head of Macroeconomy Patrick Thiberge Sales Director of Oddo Banque Patrimoniale 07

10 Bringing our expertise in financial markets Investment Banking Securities Oddo Equities Equity brokerage Equity sector research Cross-sector research (Technical analysis, ESG*, Economy) Oddo Fixed Income Brokerage in listed and convertible bonds Credit research Primary market access Oddo Options Market maker Securities lending Repo and securities lending platform * Environment, Social and Governance Corporate Finance Mergers and Acquisitions Mergers and acquisitions advisory Fairness opinions and complex evaluations Public offerings Financial and shareholder engineering Capital markets Debt structuring-restructuring Bond and hybrid debt issues -private placements Advice on financial ratings and capital structures Initial public offerings Capital increases Corporate Broking Liquidity contracts Equity brokerage and repurchases Market analysis Metals Comprehensive metal management services for producers and fabricating industry ( market access, sourcing, real time supply, transportation optimization, customs and tax management ) Flows and inventory management Global metal markets advising Financial hedging of metal prices and currency exposures Trade financing

11 to our clients Capital management Asset Management Private Banking Services C G P I * Long Only European Equities Mid Cap equities Flexible & Large Cap equities Family-controlled stocks Themed equities: property, banks... Yield stocks Active All Cap equities Index-linked equities Modelled asset management Long Only Bonds Convertible Bonds Short-Term Credit Medium & Long term Bonds Bond yields (dated funds) Indexed bonds Money-market funds Alternative management Long Short Equities Global Merger Arbitrage Management Diversified, discretionary accounts, advised, all asset classes Wealth management Legal and tax strategies Regulatory monitoring Wealth appraisals Administrative assistance Services Tailored credit, global reporting, Family Office Wealth management partnerships Property, rural property, philanthropy, art, insurance White label custodyaccount keeping Mutual fund custodian and/or appraiser Administrative management of life insurance contracts Global custody and settlement Development of value-added software Life Insurance (Fipavie, multi options contract, Luxembourg contract, Deferred earnings participation contract) Retirement and employee savings (Fipavenir range) Asset management: distribution of Oddo Asset Management s mutual funds Capitalisation contracts Tax exemption (FIP, FCPI & FCPR) Securities & PEA accounts Asset allocation Diversified and multi-management funds * Independent financial planners 09

12 Oddo Equities Equity Research and Brokerage Leading independent French broker. Leading broker for French stocks. A research department renowned for producing pertinent reports. Acknowledged excellence in execution. Specialist in mid cap stocks. Quality, confidentiality, transparency and independence: no proprietary trading. EXPERTISE Equity brokerage Equity sector research Cross-sector research (Technical Analysis, ESG*, Economy) *Environment, Social, Governance Contact: Nicolas Wirz Managing Director of Oddo Securities +33 (0) nwirz@oddo.fr 2011 KEY FIGURES 20% of Group revenues invested in research and IT systems 290 European companies covered, including 110 Small & Mid Cap stocks 180 French stocks covered 233 company roadshows 6 forums in Paris and abroad, including the Oddo Midcap Forum in Lyon, the Environment forum and the Media forum

13 Oddo Fixed Income Fixed-income research and brokerage Leading independent French broker. A complete and integrated platform covering the entire transaction chain (brokerage, middle office, back office, depository and custody). An independent credit research team that regularly publishes reports in French and English on 100 stocks. Organisation of roadshows with issuers who come to meet their investors. Management of new issues in the primary market for rare issuers (Havas, Cie des Alpes, Noble Age, Assystem, etc.) or for new distribution channels (internet for Crédit Foncier de France). A specific and selected offer for regional and private banks. Pricing and business intelligence tools for structured products. EXPERTISE Brokerage Listed and convertible bonds Credit Research Primary market access Contact: Richard Tuffier Managing Director of Oddo Fixed Income +33 (0) rtuffier@oddo.fr 2011 KEY FIGURES 600 institutional clients 7 analysts (credit and quantitative research) 400 electronically traded issues 35bn of transactions 16 investor roadshows and 5 themed presentations 11

14 Oddo Options Market maker Present since the opening of the equity derivatives markets in France, Oddo Options has built its expertise by becoming a market maker in options traded in the major European and Asian markets. Our expertise Market making: ensuring liquidity in the electronic options markets, by proposing bid and offer prices for given quantities. Our specific characteristics - Oddo Options facilitation platform covers 150 European and Asian stocks. - Mastery of technological tools, capacity for innovation and security of our IT system. EXPERTISE Market makers Contact: Charles Reverchon Head of Oddo Options +33 (0) creverchon@oddo.fr 2011 KEY FIGURES 150 individual European and Asian stocks 2011 market shares on listed markets: 10.1% in options on French stocks 6.2% in options on Italian stocks 5.8% in options on German stocks 6.6% in options on Spanish stocks 15.0% in options on the IBEX35 index 19.4% in options on the FTSE MIB index

15 Oddo Corporate Finance The Group s corporate investment bank Contact: Fatine Layt Chairman and Managing Partner of Oddo Corporate Finance +33 (0) flayt@oddo.fr An integrated platform offering a comprehensive service Recognised technical expertise The Oddo Corporate Finance team has recognised expertise. It stands out for its creative approach and great technical rigour. coupled with strong market expertise Oddo Corporate Finance draws on Oddo Group, its research departments, its Equity/Bonds and Options trading floors, and its investor clients. allowing Oddo Corporate Finance to offer integrated solutions to its clients... Oddo Corporate Finance offers its clients a comprehensive service for their balance sheet, capital and financing structure. in complete independence... thanks to the absence of a lending activity, the teams of Oddo Corporate Finance offer a quality and independent advisory service. especially to family-owned companies and mid caps (between 200m and 2bn) KEY FIGURES 63 advisory mandates: principally on six M &A transactions, 10 initial public offerings presented out of a total of 50 in the Paris market, 3bn raised, notably from five issues in the market 3 private placements and 2 bank refinancings. More than 80 liquidity contracts managed. EXPERTISE Mergers and Acquisitions Mergers and Acquisitions advisory Fairness opinions and complex evaluations Public offerings Financial and shareholder engineering Capital markets Debt structuring and restructuring Bond and hybrid debt issues Private placements Advice on financial ratings and capital structures Initial public offerings Capital increases Corporate Broking Liquidity contracts Brokerage and share buybacks Market analysis 13

16 Oddo Metals A key player servicing manufacturing industry An established team of 16 people specialised in trading non-ferrous metals (aluminium, copper, zinc and tin) with two dedicated front and support offices. Flexibility, security, guaranteed service and tailored solutions offered to clients. A strong and recognised global sales network. Sourcing from producers on all five continents. Geographical diversification with the development of sales in Asia (especially China) as a complement to Europe. No speculation. Synergies with other Group businesses. EXPERTISE Comprehensive metal management services for producers and fabricating industry ( market access, sourcing, real time supply, transportation optimization, customs and tax management ) Flows and inventory management Global metal markets advising Financial hedging of metal prices and currency exposures Trade financing Contact: Antoine Chacun Head of Oddo Metals +33 (0) achacun@oddo.fr 2011 KEY FIGURES 250,000 tonnes of aluminium 130,000 tonnes of copper 200 fabricating customers 30 of the world s leading producers

17 Oddo Asset Management By your side at all times Contact: Nicolas Chaput Managing Director of Oddo Asset Management +33 (0) Since 1987, Oddo Asset Management has been one of the leading independent asset managers in Europe. A reputation built on the quality of its fundamental selection processes for stocks (equities and convertible bonds) and portfolio construction. Differentiated investment choices. Expertise in alternative management newly developed. Our ambition: to help you create performance over time. Long-term investment solutions that have received many awards. A capacity to adapt to market opportunities and constraints. A culture in which risk management is embedded at all levels. A local presence in five financial markets for a close relationship with clients KEY FIGURES 114 employees, including 40 fund managers 11.2bn of assets under management 25 years of history Presence in five financial markets (Paris, Frankfurt, Zurich, Milan, Dubai) EXPERTISE Long Only European Equities Mid Cap equities Flexible & Large Cap equities Family-controlled stocks Themed equities: property, banks... Yield stocks Active All Cap equities Index-linked equities Modelled asset management Long Only Bonds Convertible Bonds Short-Term Credit Medium & Long term Bonds Bond yields (dated funds) Indexed bonds Money-market funds Alternative management Long Short Equities Global Merger Arbitrage Asset allocation Diversified & multi management funds 15

18 Oddo Private Banking Expert in wealth management A central and historical activity within the Group. Direct and privileged access to the research and trading rooms of Oddo & Cie. Excellent knowledge of family-owned companies and the challenges facing them. Capitalises on the strengths of Oddo Group: - Strong financial market culture. - Global aid for entrepreneurial companies covering all their assets with Oddo Corporate Finance. - Recognised range of expertise : stock and fund selection of Oddo Asset Management, credit and equity research of Oddo Securities A dedicated approach to sports professionals, congregations and associations, as well as to professionals in the audiovisual, film and entertainment sectors. EXPERTISE Management Diversified, discretionary accounts, advised, all asset classes Wealth management Legal and tax strategies Regulatory monitoring Wealth appraisals Administrative assistance Services Tailored credit, global reporting, Family Office Wealth management partnerships Property, rural property, philanthropy, art, insurance Contact: Jean-Philippe Taslé d'héliand Chairman of Oddo Private Banking +33 (0) jpth@oddo.fr 2011 KEY FIGURES 110 employees, including more than 40 private bankers 4.5bn of assets under management 5% annualised performance over the period on balanced management profiles* 84% of clients ready to recommend us * Past performance is no indication of future performance and is not constant over time.

19 Oddo Services Originally a support function, Oddo Services has become a specialist in the outsourcing of back-office functions and allows clients to refocus on their core business. Back-Office outsourcing Private Banking and Asset Management Third-party benchmarks and Instruments Securities and cash chains Bank transactions Tax and regulations Life insurance Delegation of contract management Order books Tax issues Value-added services Lutèce: portfolio management CRM: client relationship management Internet sites under white brands Personalised reporting GCA: upscale life insurance contract management Experienced and specialised teams Project management based on agile methods EXPERTISE White label custodyaccount keeping Mutual fund custodian and/or appraiser Administrative management of life insurance contracts Global custody and settlement Development of value-added software 2011 KEY FIGURES Contact: Olivier Rolland Managing Director of Oddo Services +33 (0) orolland@oddo.fr Creation in professionals (IT and BO) 30 Private Banking and Asset Management clients 100,000 accounts 130 funds 2 insurers and 25,000 contracts 22bn under custody 4m of transactions annually Oddo Services is present in France and Luxembourg, Ongoing plans to open offices in Switzerland. 17

20 Contact: Bertrand Sance Managing Director of Oddo CGPI +33 (0) Oddo CGPI An historic partnership More than 20 years of collaboration with CGPI (Independent financial planners) An exclusive partnership for life insurance policies reserved to CGPI. An atypical and unique position: both a distributor of Oddo & Cie products and a partner of the leading life insurance platforms. Close ties with sales representatives and advisors (regional directors have an average of 10 years of experience). Innovative products (e.g.: the comprehensive life insurance policy). Dedicated services : wealth engineering, legal expertise, marketing team, extranet site. Wealth management training with the Oddo Institute, approved by AUREP (University Association of Wealth Research and Teaching) KEY FIGURES 800 active partners 4.5bn under management 650m of steady inflows annually 50 employees 10 regional offices EXPERTISE Life Insurance (Fipavie range, multi options contract, Luxembourg contract, deferred earnings participation contract) Retirement and employee savings (Fipavenir range) Asset management: distribution of Oddo Asset Management s mutual funds Capitalisation contracts Tax exemption (FIP, FCPI & FCPR) Securities & PEA accounts

21 Photos : Cécil Mathieu, free of copyright 19

22 Key figures Clients' assets ( bn) Net banking income ( m) Group shareholders equity after dividend in m Net profit after tax ( m) Average consolidated headcount IFRS rules.

23 We would like to thank all our clients for their trust Associations Asset managers Insurers Private banks Regional banks Pension funds Independent financial planners Corporate executive Retail clients Congregations Corporate bond issuers Companies Family Offices Foundations Specialist funds Hedge Funds Mutual groups Asset managers

24 12, boulevard de la Madeleine Paris Cedex 09 Tel.: 33(0) PARIS Private Banking Corporate Finance Derivatives Asset Management Equity Brokerage and Research Fixed-income Brokerage and Research Metals Options Account safekeeping LYON Midcap Equities Private Banking Corporate Finance STRASBOURG Private Banking Corporate Finance LUXEMBOURG Custody FRANKFURT AM marketing MADRID Equity brokerage MILAN AM marketing NEW YORK Equity brokerage TUNIS Equity research DUBAI AM marketing HONG KONG Options ZURICH AM marketing Communication Department - OCI-DG /12