KEPLER CHEUVREUX
Kepler Cheuvreux is an independent European financial-services firm specializing in securities research, execution, advisory, and asset-management-related services.
Last updated August 31, 2026
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Overview
Kepler Cheuvreux is an independent European financial-services company whose principal activities include securities research, trade execution, investment-banking and equity-capital-markets advisory, structured products, and related investment services. Although the supplied identifier is OTFlink, the authoritative subject is Kepler Cheuvreux, the company formed when Kepler Capital Markets acquired Cheuvreux in 2013. The business traces its origins to Julius Baer Brokerage, established in 1997 as a wholly owned subsidiary of Swiss banking group Julius Baer Holding. Julius Baer sold the brokerage in 2003 to the U.S. private-equity firm Lightyear Fund, after which it was renamed Kepler Equities. Landsbanki acquired the company in 2005 as part of an effort to build a broader financial-services platform encompassing equity, bond, and derivatives brokerage, corporate finance, debt and credit investment, and investment services. Landsbanki's collapse during the 2008 financial crisis led to a management buyout by employees. The business became independent, adopted the name Kepler Capital Markets, and concentrated primarily on brokerage. In 2011, BlackFin Capital Partners acquired a 47% stake, while the company also brought together institutional shareholders including Caisse des Dépôts, Crédit Mutuel Arkéa, and Banca Leonardo. Banca Leonardo's brokerage and research activities were acquired by Kepler Capital Markets. The group expanded through partnerships and acquisitions. It formed an equity-brokerage and equity-capital-markets alliance with UniCredit in 2011, extended the relationship into Central and Eastern Europe in 2012, and acquired Cheuvreux from Crédit Agricole CIB in April 2013. The combined company adopted the Kepler Cheuvreux name. Later in 2013, it acquired the activities of Derivatives Capital, a French specialist in structured products for independent financial advisers and private banks. Kepler Cheuvreux's operating model combines European research coverage with execution capabilities and partner-supported advisory services. Its research operation covers more than 1,000 European companies and includes more than 120 analysts according to the supplied reference. Its execution business handles orders in equities, bonds, derivatives, warrants, exchange-traded funds, and convertible bonds through a trading platform and a network of execution offices. Its advisory activities include equity capital markets, investment banking, structured products, bond-market liquidity, and services for private-bank and retail-banking networks. Between 2015 and 2018, the company added distribution and strategic relationships with Rabobank, Swedbank, Belfius, CIMB, Piper Jaffray, and CIBC. In June 2018, Atlas Merchant Capital and Edmond de Rothschild Equity Strategies acquired the stake previously held by BlackFin Capital Partners. Management and employees retained significant voting influence. In September 2024, Kepler Cheuvreux acquired a majority stake in Trackinsight, becoming its principal shareholder. The company is governed through an Executive Board and a Supervisory Board and remains positioned as an independent European intermediary serving institutional investors, financial institutions, and corporate clients.
History
Kepler Cheuvreux developed from a succession of ownership changes, restructurings, and strategic combinations in European securities brokerage. Its origins lie in Julius Baer Brokerage, founded in 1997 within Julius Baer Holding. The brokerage was sold to Lightyear Fund in 2003 and renamed Kepler Equities. Landsbanki acquired it in 2005, seeking to use the company as part of a diversified financial-services operation covering securities brokerage, corporate finance, debt and credit investment, and investment services. The 2008 failure of Landsbanki was the decisive turning point in the firm's independence. Employees completed a management buyout, renamed the business Kepler Capital Markets, and narrowed its focus toward brokerage. In 2011, BlackFin Capital Partners invested in the company, alongside institutional shareholders including Caisse des Dépôts, Crédit Mutuel Arkéa, and Banca Leonardo. The same period brought a strategic alliance with UniCredit covering equity brokerage and equity capital markets. The relationship expanded into Central and Eastern Europe in 2012, and UniCredit later became a shareholder. In April 2013, Kepler Capital Markets acquired Cheuvreux from Crédit Agricole CIB. The transaction created the Kepler Cheuvreux identity and materially broadened its research and execution platform. The company also acquired Derivatives Capital's activities in December 2013, adding capabilities in structured products for independent financial advisers and private banks. From 2015 to 2018, Kepler Cheuvreux pursued an international partnership model rather than relying solely on owned expansion. It established equity-capital-markets and research-distribution relationships with Rabobank in the Netherlands, Swedbank in the Nordic markets, and Belfius in Belgium. It also entered research-distribution arrangements with CIMB in Asia, Piper Jaffray in the United States, and CIBC in Canada. Several of these partners acquired minority stakes, supporting the company's institutional reach. Ownership changed again in June 2018 when Atlas Merchant Capital and Edmond de Rothschild Equity Strategies bought out BlackFin Capital Partners' interest. Management and employees continued to hold substantial voting control, consistent with the firm's independent positioning. The company subsequently continued operating across research, execution, advisory, and investment services. In September 2024, it acquired a majority stake in Trackinsight, extending its presence in ETF research and related market intelligence.
- 2024
Trackinsight majority investment
[1]Kepler Cheuvreux acquires a majority stake in Trackinsight.
- 2018
New institutional shareholders
[1]Atlas Merchant Capital and Edmond de Rothschild Equity Strategies acquire BlackFin's stake.
- 2013
Cheuvreux acquisition
[1]Kepler Capital Markets acquires Cheuvreux from Crédit Agricole CIB and becomes Kepler Cheuvreux.
- 2013
Derivatives Capital activities acquired
[1]The company acquires activities of French structured-products specialist Derivatives Capital.
- 2011
BlackFin investment and UniCredit alliance
[1]BlackFin acquires a substantial stake, while Kepler forms a strategic equity-brokerage and capital-markets alliance with UniCredit.
- 2008
Employee management buyout
[1]Following Landsbanki's bankruptcy, employees buy out the business and establish it as an independent brokerage under the Kepler Capital Markets name.
- 2005
Landsbanki acquisition
[1]Icelandic bank Landsbanki acquires the business as part of a broader financial-services strategy.
- 2003
Sale to Lightyear Fund and renaming
[1]Julius Baer sells the brokerage to Lightyear Fund, after which it becomes Kepler Equities.
- 1997
Julius Baer Brokerage is founded
[1]The business begins as Julius Baer Brokerage, a wholly owned subsidiary of Julius Baer Holding.
Products and positioning
An independent, research-led European investment-services platform combining pan-European market intelligence, institutional execution, and partner-supported advisory capabilities.
Financial research
Research
Kepler Cheuvreux provides research on financial securities, including equities and bonds. The available reference describes coverage of more than 1,000 European companies and a research organization of more than 120 analysts. Distribution partnerships extend the firm's research reach through international financial institutions.
Securities execution
Execution
The execution business processes institutional buy and sell orders in equities, bonds, derivatives, warrants, ETFs, and convertible bonds. It operates through execution offices, trading specialists, and access to major global markets, supported by an in-house trading platform acquired in 2013.
Investment banking advisory
Advisory and equity capital markets
Advisory services cover investment banking and equity capital markets, generally delivered with banking partners such as Crédit Agricole CIB, UniCredit, Rabobank, Swedbank, and Belfius. The offering serves corporate and institutional clients involved in capital raising and strategic transactions.
Derivatives and investment products · 2013
Structured products
The company provides structured-product and related investment services for independent financial advisers, private banks, and other distribution networks. These capabilities were strengthened through the 2013 acquisition of Derivatives Capital activities.
ETF research and data · 2024
Trackinsight
Trackinsight is an ETF-focused research and data business in which Kepler Cheuvreux acquired a majority stake in 2024. The investment broadened the group's exposure to exchange-traded-fund intelligence and analytics.
Brand decisions
2024
Majority acquisition of TrackinsightM&ABackground
Kepler Cheuvreux sought to extend its offering in ETF research and market intelligence.
Action taken
The company acquired a majority stake in Trackinsight and became its principal shareholder.
Aftermath
The transaction added ETF-focused research and data capabilities to Kepler Cheuvreux's broader financial-services platform.
2013
Acquisition of CheuvreuxM&ABackground
Kepler Capital Markets sought to expand its European research and execution platform.
Action taken
It acquired Cheuvreux from Crédit Agricole CIB and combined the businesses under the Kepler Cheuvreux name.
Aftermath
The acquisition created the group's current brand and expanded its market coverage.
2008
Post-Landsbanki independence and brokerage focusStrategyBackground
Landsbanki's bankruptcy left its brokerage subsidiary requiring a new ownership structure.
Action taken
Employees completed a management buyout, renamed the business Kepler Capital Markets, and focused it on independent brokerage activities.
Aftermath
The transaction established the ownership and strategic basis for the later Kepler Cheuvreux group.
Recent events
- 2024
Kepler Cheuvreux acquires majority stake in Trackinsight[1]
M&A
Kepler Cheuvreux became the principal shareholder of ETF research and data company Trackinsight.
- 2013
Kepler Capital Markets acquires Cheuvreux and adopts the Kepler Cheuvreux name[1]
M&A
The acquisition of Cheuvreux from Crédit Agricole CIB created the combined Kepler Cheuvreux business.
Sources2 sources
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