2018-2019 · asset management as a portfolio manager with responsibility for structured products...

Annual Report2018-2019

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MISSION Our mission is to promote the highest standards of ethics, education, and professional excellence for the best interest of investors and for the ultimate benefit of society in France.

VISION In advancing our mission, we are dedicated to building a Society that:

• Leads the industry’s thinking in the area of ethics, integrity, and excellence of practice

• Accompanies members in their career development through services adapted to their needs

• Promotes the member’s expectations to all stakeholders of the ecosystem

• Derives its strength and energy from its highly qualified volunteers and professional staff

• Partners with CFA Institute and its global network of societies to deliver on the mission

1. Overview

MESSAGE FROM THE PRESIDENT

OFFICERS

DIRECTORS

GENERAL SECRETARY

PARTNERS

VOLUNTEERS OF THE YEAR

COMMITTEES

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1.Message from the president

Dear Members,

2019 has been an exciting year of renewal and major development for your Society!

As we started the year, the Board of Directors and I set-up two priorities. First, CFA Society France had to continue aligning its resources with members’ expectation as it was revealed in our annual survey. We decided to create more granular Committees and to launch new essential initiatives in a fast-changing industry such as ESG, Technology Finance and the Career Series while building on our existing platform which has contributed to our success over the years.

Secondly, CFA Society France had to capitalize on its 20 years of presence, its 1,000+ members, and its 4,000+ candidates to contemplate the future with a new approach. Your Society is now recognized as a leading stakeholder in the French financial services ecosystem as witnessed by your increasing involvement in our volunteers program, the growing interest of recognized professionals for our events, our unique capability to organize international conferences, its expanding network with universities and the many interactions CFA Society France has with employers, medias and public authorities with regards to members’ expertise and opinions. Our development has been emphasized by our successful brand campaign in 2019 in partnership with CFA Institute. Therefore, looking ahead meant setting-up a permanent structure. Your Society will now on be in a position to further enhance your experience, will have a bolder voice on our values and will be put in a sustainable path to address future challenges and future opportunities.

They include a new technology platform for CFA Society France to better communicate and listen to your needs and requirements, new solutions to face the disruptions in our industryand gain even greater recognition of the CFA charter by employers and other relevant stakeholders. As you may know, in March 2019 the Board has reached an agreement with CFA Institute to transform our Society into a professional body relying on two strategic pillars: professional development and advocacy. Noteworthy CFA Society France will remain a volunteer-based organization. The Committee Chairs and the volunteers who have contributed over the years to create and to expand your Society thanks to their commitments will lead the future initiatives while the permanent structure will provide the necessary support. As CFA Society France‘s budget will double by next year, it has committed on various initiatives with regards to notably promoting our mission and our values, adapting our governance and diversifying our source of revenues.

We are confident with the Board of Directors that achieving these goals will provide greater benefits to your Society. We will communicate regularlyon these topics and we will look for feedback,so please let us know your thoughts.Your collaboration is key.

Finally, as we are closing this transforming year, I would like to thank all the volunteers and our partners who set a light on what can be achieved for our community while promoting our standards of ethics, education and professional excellence.

Thank you for your trust.

Kind Regards,Jean-Philippe Dorp, CFAPresident

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1 .Officers

Jean-Philippe Dorp, CFA,President

Jean-Philippe has been head of credit research at OFI AM since 2010.Before joining OFI AM, Jean-Philippe was head of credit at Solent Capital Partners (London) and senior credit analyst at Dolmen Securities (Dublin). Previously, Jean-Philippe held various positions in credit analysis with European financial institutions. Jean-Philippe is a lecturer at University of Montpellier. Jean-Philippe received his CFA Charter in 2004 and joined the Board of CFA Society France in July 2013 when he was elected as co-chair of the Event Committee and chair of the Advocacy FAR (Financial Analysis and Reporting) Committee. From September 2015 he was General Secretary and chair of the Event Committee until September 2018 when he was elected President of CFA Society France.

Joelle Harb, CFA,Vice President

Joëlle is Senior fixed income fund manager at Octo AM. She has more than 15 years experience in the financial markets. A fund manager and credit analyst at Dexia Asset Management in Paris, she then moved to head the fixed income team at Société Générale in Dubai (UAE).

Holder of the Chartered Financial Analyst CFA® charter, she also holds a degree from HEC Paris Management School, a MAsters in International Law from the University of Panthéon-Assas in Paris and a BA in Law from Saint-Joseph University in Beirut. Volunteer since 2015 at CFA France, she has been elected Vice President this year and she serves as Membership and Volunteers Chair and as NominationCommittee Chair.

Eric Labbé, CFA,General Secretary

Eric Labbé joined the Thematic Equity team of CPR AM in November 2018 as a senior portfolio manager, where he manages Mid-Cap, and Euro High-Dividend themes and takes part in themanagement of the Ageing and Special Situations themes.

Eric began his career in 1992 at Crédit Lyonnais, in charge of fixed income trading, then as a memberof the General Inspection Department (1995-1996). He performed the same duties at Caisse Nationale du Crédit Agricole (CNCA) between 1996 and 1997. In 1997, he joined Crédit Agricole Asset Management as a portfolio manager with responsibility for structured products and asset allocation.Then, in 2001, he was appointed quantitative portfolio manager.He has also been a lecturer at the University of Paris Dauphine since 2006 in the area of market finance at the Institut de gestion de patrimoine.Eric received his CFA charter in 2004 and joined the Board of CFA Society France in September 2018.

Chloé Lemarié, CFA,Treasurer

Chloé began her career at Cheuvreux in 2010 as an equity research analyst in theAirlines and Aerospace & Defence teams. She then move to MainFirst where she built the Aerospace & Defence coverage from scratch. After five years, she moved to join Exane'sequity research team in 2017. Within the course of her studies at the Institut d'Etudes Politiques de Paris, she participated in the CFA Research Challenge, and has since volunteered as both a mentor and a grader for the event. Chloé obtained her Masters in Finance and Strategy from the Institut d'Etudes Politiques de Paris in 2010 and has been a CFA charterholder since 2015.

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1 .Directors

Alejandro Hiniesto, CFA,Director

Alejandro has been General Manager at FinTech DEECISION for the last two years. Before that, he spent three years as Sales Director at Active Asset Allocation, a robo advisor. Alejandro has over 15 years of experience in asset management business development and strategic development at BNP Paribas and JP Morgan, as well as consulting experience in various firms.

He graduated from CUNEF (Business School) in Madrid and is a Chartered Financial Analyst since 2010. He has been a mentor in the CFA Society France for the past 3 years. Alejandro is a Board member since 2018 and is currently head of the Technology Chair.

Marc Kaadi, CFA,Director

Marc is a Principal at S.O Capital Advisors, a full-service private equity fundraising, secondaries, placement and M&A advisory firm.Previously in Business Development atAXA Investment managers Managers, he worked at Bluetower Associates, aLondon-based private equity placementagency. He began his career at Bank ofAmerica in New York working in portfoliomanagement, portfolio consulting, and finally, as a relationship manager.

Charterholder since 2012, Marc has been volunteering for CFA Society France for the past five years, and serves as Board Member and Candidate’s Committee Chair. He earned a finance degree from NYU Leonard N. Stern School of Business in 2006.

Inna Mufteeva, CFA Director

Inna is Credit strategist within the Global Markets Research team at Natixis. Previously she was economist for the United States and some Emerging Markets countries. She is also a visiting lecturer at University of Angers, Paris 1 Panthéon – Sorbonne and IESEG School of management.Inna joined the Board of CFA Society France in 2014 after volunteering for Society’s events organization. She is now in charge “Women in Investment Management” (WIM)initiative. She graduated from Paris 1 Panthéon - Sorbonne University and National Research University - Higher School of Economics (Moscow, Russia) in 2009 with a double MSc degree and earned her CFA charter in 2013.

Xavier Ménagé, CFA,Director

Xavier is a founding member of Alpine Value Advisory, a Multi Family Office, since 2015.

Previously investment banker and risk manager of BNP Paribas, he graduated from the Institute of Political Studies in Paris in 1983, from School of Law at the Sorbonne in 1984 and Columbia Business School in 1994.

Myriam Ferran, CFA,Past President

Myriam has over 17 years of experience in the financial services industry.Myriam received her CFA charter in 2008 and started as a volunteer in the University Relationship committee before being elected as a director in 2013 being involved in several committees. She has been elected as a President of CFA Society France in 2015 and 2016.Myriam holds a master’s degree of Magistere Economiste-Statisticien from the Toulouse School of Economics -and also graduated from INSEAD in December 2012.

Séverine Vadon-David, CFADirector (up to May 2019)

Séverine has over 15 years experience in the financial sector. She started her career at HSBC, BNP Capital Markets and Paribas, structuring private placements and bond issuesfor institutional investors, and managing discretionary investment portfolios for HNWI. She then took a position at BNP Paribas as Senior Banker for Central Banks and Official Institutions. Prior to that, she spent seven years with BNPP AM, managing relationships with both institutional and distribution clients.

A charterholder since 2007, she has been Advocacy Chair for CFA Society France since 2011 and was invited by CFA Institute to join the Standards and Advocacy Advisory Committee – Europe in 2016.

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1 .General Secretary

The year 2018/2019 was a transition year, with the Board having to deal with both:

• Continuing to develop the association’s traditional activities for the benefit of its members through its various committees,

• Preparing the implementation of the professionalization project of the association «Society 2.0» sponsored by the CFAI

As part of its «transition» functioning between two organizational modes, the Board held all its 11 monthly meetings with a participation rate of 91% (ranging from 64% to 100%).

On December 2018, the Board organized a mini-retreat will all committee chairs as part of its strategic review and in order to lay-down the principles of the Society 2.0 business plan.

On May 2019, Severine Vadon-David resigned as a director of CFA Society France. The Board decided not to replace until new elections on September 2019.

As part of the Society 2.0 project the Board had to hold a series of additional meetings to redefine the governance of the association.

To do this, the Board wrote:

• The business plan (funding request) submitted to CFAI on January 2019 and approved on February 2019• Job definitions for the members of the new executive team

At the same time, the Board has:

• Finalized the recruitment of its operation manager,• Launched the recruitment of its executive director,• Modified its information systemIn order to prepare CFA Society France with the new professional structure directors attended a training with IFA (Institut Français des Administrateurs) in complement to the Institute of Directors’ training organized by CFA Institute.

For FY2020, priority will be given to adapt the governance of the Society to its new structure.

• Eric Labbé, CFA

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1 .Partners

Ogilvy Public Relations is a multi-award winning agency offering a full range of earned media services and specialisms for our clients from traditional brand and corporate media solutions to real-time social content creation and publishing

Thanks to Owl Events Team for their support to organize 2019 celebrations.

https://www.owl-events.fr

RM aka Rudy Marchello. Rudy Marchello is our key partner for videos and motion design.

http://www.rudymarchello.fr/

CFA Society France would like to thanks its partners for their support

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1 .Volunteers of the year

• Mourad Mnif, CFA andJulien Ménard, CFA who launched and delivered courses dedicated to candidates through their implication in the Candidates Committee

• Remus Tirdea, CFAwho initiated a partnership with his employer SimCorp, which is now a sponsor of the CFA Career Serie

• Gabriel Houette, CFAwho got involved as a volunteer in his first year in the Ambassador, Mentoring and Research Challenge committees

• Irina Troussova, CFA and Nikolai Doinikov, CFA for their commitments with the Event Committee

• Diego Monteiro, CFAwho integrated the Technology Committee and worked on the platform upgrade

• Romain Devai, CFAwho successfully helped a CFA Society France member to finda new job through his implication in the Mentoring Program

CFA Society France would like to thank all the volunteers who dedicated time

and energy to the Society.

Some volunteers have distinguished themselves this year through various initiatives.

Category Sharing Knowledge

Category Creating New Bridge with Employers

Category First Year as Volunteer

Category Supporting the Society

Category New Committee

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Advocacy

Back to France

Scholarships

Career Serie

Event

Communication European Investment Conference

Ambassador

Candidates

CHAIR• Severine Vadon David, CFA

• Imad Barake, CFA

• Jean François Bouilly, CFA

• Romain Devai, CFA

• Jean Echiffre, CFA

• Anastassios Elemes, CFA

• Luc Paugam, CFA

• Jean Philippe Dorp, CFA

• Xavier Portefield, CFA

CHAIR• Olivier Vion, CFA

CHAIR• Irina Troussova, CFA

CHAIR• Patricia Donnelly, CFA

CHAIR• Jean-Edouard Gross, CFA& Julien Ménard, CFA

CHAIR• Philippe Maupas, CFA

CHAIR• Jean-Philippe Dorp, CFA

• Sarah Duparc, CFA• Myriam Ferran, CFA

• Philippe Maupas, CFA

• Mourad Mnif, CFA

• Myriam Ferran, CFA


• Axel Cabrol, CFA

• Patricia Donnelly, CFA

• Ahmet Fall axa-im, CFA

• Gabriel Houette, CFA

• Marc Kaadi, CFA

• Ibrahima Kobar, CFA

CHAIR• Marc Kaadi, CFA

• Nikolai Doinikov, CFA


• Geraud Manhes, CFA

• Laurent Pellerin, CFA

• Thomas Perrotin, CFA

• Mustapha Tachabount, CFA

• Olivier Vion, CFA

• Danilo Telles Zelinski, CFA

• Touiti Marie-Bonnard, CFA

• Julien Ménard, CFA


1.Committees

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Gips International Members

Nomination

Media Awards

Membership & Volunteer

Mentoring Program

CHAIR• Jean François Bouilly, CFA

• Ahmed Khelifa, CFA

CHAIR• Myriam Ferran, CFA


CHAIR• Joelle Harb, CFA

• Alexandra Pailhes, CFA

• Eric Labbé, CFA

• Jean-Philippe Dorp, CFA


CHAIR• Philippe Auffray, CFA

• Alexis Audurier, CFA

• Pierre Bismuth, CFA

• Mikael Dauvert, CFA

• Sarah Duparc, CFA

• Najat El Mekkaoui, CFA

• Sylvain Goyon, CFA

• Nadjat Hamrouni, CFA

• Luc Paugam, CFA


• Touiti Marie Bornand, CFA

• Nikolai Dainikov, CFA

• Guillaume Gosselin, CFA

• Gulshat Ibliaminova, CFA

CHAIR• Alexandra Paillhes, CFA


• Florent Combes, CFA

• Julien Coudert, CFA


• Yijun Fan, CFA

• Sébastien Fay, CFA

• Pedro Guerra, CFA

• Nicolas Kateb, CFA

• Bob Leeming, CFA


• Salwa Rajaallah, CFA

• Nicolas Tabor, CFA

• Joelle Harb, CFA

• Frans Harts, CFA

• Alejandro Hiniesto, CFA


• David Kalfon, CFA

• Vincent Pansard, CFA

• Veera Somersalmi, CFA

• Viviane Ting, CFA

1.Committees

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University Relations

Women in InvestmentManagement

Audit

Esg

Technology Finance

Quant Award

Research Challenge - Gradors

Research Challenge

CHAIR• Nathalie Columelli, CFA

• Xavier Ménagé, CFA

CHAIR• Inna Mufteeva, CFA

• Anna Tepliakova, CFA



CHAIR• Xavier Ménagé, CFA


• Laurent BenedictCHAIR• Eric Labbé, CFA

CHAIR• Alejandro Hiniesto, CFA


• Diego Monteiro, CFA


• Frédéric Caumon, CFA

• Eric Chatron, CFA

• Kathleen Gailliot, CFA

CHAIR• Sébastien Boulet, CFA

• Diego-Felipe Aponte Vargas, CFA




• Gregory Derrien, CFA

• Thibaut Dorlet, CFA


• Jean Karbouyan, CFA

• Christophe Haussman, CFA


• Marc Kaadi, CFA

• Davide Mazza, CFA

1.Committees

• Laurent Inglebert, CFA

• Jocelyn Jovène, CFA


• Simon Lechipre, CFA

• Rafael Le Saux, CFA

• Pierre Merveille, CFA

• Antoine Petit, CFA

• William Pouder, CFA

• Christine Verpeaux, CFA

• Chen Zhao, CFA

FINANCAL HIGHTLIGHTS

AUDIT

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2. Financial Highlights

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In FY2019, revenues were up 30% from 203k to 263k as

2.Financal Highlights

€ €

Membership rose 6% from 1,094 to 1,185 CFA Institute operational funding was up 75% in light with the new redistribution policy

candidates applications increased 8%from 3,909 to 4,225

and currency movements had a positive impact

6% 75%8%

Revenues generated from membership and from CFA Institute operational funding accounted for 82% of total (11% workshop, 6% sponsorship).

As revenues grew by 30%, operating costs have remained under control with 10% increase, leaving a net profit of €64k.

Personal cost declined significantly to €18k as a new permanent employee joined CFA Society France in August 2019 after the closing in accordance with the Society 2.0 project.

A cumulated provision of €12k covering the years 2014 and 2015 has been reported for invoices not received. Account receivables amounted €6k with no unpaid or late payment.

CFA Society France remains in a very healthy financial position with cash available of €256k, up from €201k and a net equity position of € 220k (74% total assets). The cash is immediately available as invested in deposit accounts.

Therefore CFA Society France is in strong position to execute the Society 2.0 project, which will consist in establishing a professional structure composed in three employees.

This structure is expected to offer new services and to generate new source of revenues.

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2 .Financal Highlights

2019 – 2020 Budget

On July 2019, the Board of directors voted for the FY2020, which takes into account members’ expectations with regards to the allocation of resources and the implementation of the Society 2.0 project.For FY2020 revenues are expected to reach €624k.

This takes into account forecasted growth of memberships and candidates, unchanged CFA institute operational funding approach and the €369k grant committed by CFA Institute for the Society 2.0 project.

Revenues €624k

€527k €199k

€262k

Expenses

In 000 euros 2019-2020 Budget 2018-2019 Actual

Expenses are expected to reach € 527k, leaving a surplus which will be allocated to new projects yet to be implemented by the coming executive team.

In its business plan the Board has set up objectives to diversify the source of revenues with new educational services to be offered and by implementing a comprehensive sponsorship strategy.

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2 .Audit

MISSION

Understanding, advising about and overseeing the audit procedures coveringCFA Society France accounting, along with the risk management processes to assure it functions correctly and in an appropriate manner.

Key achievements 2019-2020

Last year was a transitional year for the Audit & Risks Committee with two simultaneous changes :

• Chloé Lemarié took its new responsibility as Treasurer;

• And the accountant at Strego firm took charge of theCFA France account.Both had to go through the learning process of CFA France specifics.

Among other initiatives, the Committee has been working:

• On the approval by theCFA Institute of the new budget dedicated to the Society 2.0 project and the execution at the same time of the day-to-day operations with a full agenda of events.

• Hand in hand with the Treasurer to submit to the Board a few preliminary directions for the coming months.

• On new procedures in order to simplify, make safer the flow of invoices to be paid and shorter their required processing time.

The priority of the Committee for the coming months will be to get these procedures and rules done by the end of this calendar year, in order to enable the new executive staff (in the Society 2.0 perspective) to run smoothly and efficiently.

CHAIR• Xavier Ménagé, CFA

ACTIVITY REPORT SUMMARY

ADVOCACY

AMBASSADOR

BACK TO FRANCE

CANDIDATES

CAREER SERIE

COMMUNICATION

ESG

EUROPEAN INVESTEMENT CONFERENCE

EVENTS

GIPS

MEDIA AWARDS

MEMBERSHIP & VOLUNTEERS

MENTORING

QUANT AWARDS

RESEARCH CHALLENGE

SCHOLARSHIPS

TECHNOLOGY FINANCE

UNIVERSITY RELATIONS

WOMEN IN INVESTMENT MANAGEMENT

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3. Activity report

3.Activity report summary

• Membership grew at a 6% rate reaching 1,185 members, including 69 candidate members

• Candidates for all 3 levels reached a record high of 4,225, up 8% from prior year. France is the largest test center in Continental Europe

• 119 new CFA Charterholders awarded at the 2018 Charter Award Ceremony

• Launch of the ESG and the Technology Finance committeesto adapt our offering to the evolving environment

• New initiatives with regards to job opportunities (Career Serie, Brexit, Investment Firm of the Future)

• Advocacy organized 2 events and answered to the AMF consultation on certification

• Ambassador network expanded to 11 representativesand implemented new initiatives

• 85 volunteers in our 23 committees contributing to the successof CFA Society France

• 265 delegates from 43 countries at the European Investment Conference organized in Paris

• 13 universities now affiliated to the CFA program (+2) representing 22 Masters

• 28 events covering infrastructure, geopolitics, asset allocation, soft skills and academic sessions…

• 11 press releases and more than 60 published articles from the communication team

• 19% increase in the likehood to hire a CFA Charterholder as a result of the 3-month brand campaign

• 5th edition of the Media Awards with 24 articles submitted

• 20 teams competing for the Research Challenge, +2 from last year.

• 38 scholarships granted to candidates

• 9th edition of the Quant awards co-organized with Irelandand The Netherlands

• 3rd edition of the Mentoring program with increasing participation

• 19 partners to accompany CFA Society France in its development

3.Activity report summary

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3 .Advocacy

MISSION

The Advocacy Committee aims at speaking up about ethics, fair and transparent capital markets, and investor protection. The committee is involved in organising events for members and liaising with regulators, professional associations and CFA Institute on regulatory and best practice issues.

Participation to working inter-society working groups

Answer to AMF consultations

Advocacy Events and opinionsWe have been part of

the Standards and Advocacy Advisory Committee EMEAsince 2016.Séverine Vadon-David, CFA represents CFA Society France at the SAAC. Contribution this year Included continuous feedback on MIFID the new financing of research and gave feedback on CMU to CFA Institute for its Action Memoranda with the European Commission.

In May 2019, CFA Society France answered the AMF public consultation on the launch

CFA Society France Advocacy Committee organised the 2019 Putting Investor First event on Innovation and Fintechs that took place in January 2019.

Speakers included Jean-Paul Servais, Chairman of FSMA and Chair of ESMA’s Financial Innovation Standing Committee, and Josina Kamerling, Head of Regulatory Outreach EMEA at CFA Institute. The Speakers described the significant involvement from European regulators and authorities to accompany the developmentof Innovation and Fintechs and to protect investors.

This presentation was followed by a panel where two members of CFA Society France Advocacy Committee – Romain Devai, CFA and Séverine Vadon-David, CFA presented developments in the ICO market and CFA France’s answer to the AMF consultation on ICO’s.

Earlier in the year we organised an event on Securitization 10 years after Lehman. Speakers from AMF and from BNP Paribas discussed the lessons learnt from the crisis, how to invest in ABS in today’s markets, the STS framework that set new rules for «Simple, Transparent and Standardised» securitization, the new obligations on risk management and on the buy-side, and new forms of securitization in France and Europe.

of a ‘common database’ of questions for the AMF certification.


CHAIR• Séverine Vadon-David, CFA

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3 .Advocacy

3 areas of focus in 2018-2019

1. Focus on MIFID new rules for the financing of research

2. Focus on captal formation, private equity and private debt

3. Focus on society 2.0

CFA France Advocacy Committee kept on following this topic and discussing it with AMF–following our answer to the AMF public consultation.

Our basis for discussion included CFA Institute’s two successive surveys ‘MiFID II: A New Paradigm for Investment Research’, and MIFID II one year on, as well as practitioner’s feedback gathered by CFA France Advocacy Committee.

We also presented CFA Institute’s 2nd survey, MIFID II one year on, at EIFR’s bi-annual regulatory meeting, and to French professional associations.

CFA Society France Advocacy Committee presentedCFA Institute’s new publication, Capital Formation: The Evolving Role of Public & Private Markets to the AMF, and to professional associations.

CFA Society France will also be taking part to the stream of European workshops that will take place in 7 European jurisdictions.

The Advocacy Committee Chair contributed to the preparatory work on Society 2.0, CFA Society France’s professionalization project. Society2.0 comprises of 2 pillars: Advocacy and Professional Development.

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MISSION

• Enhancing the presence of CFA Society France in the ecosystem byestablishing strong relationships between members and their employers.

• Building strategic relationships creating mutual benefits for both parties :> Involve CFA member ‘s employer in the various Society’s initiatives> Raise awareness of CFA program and promote CFA Institute and CFA Society France relevant resources for employers> Detect volunteers and steer them to the volunteer committee

Key Figures

• Alex Cabrol, CFA Tobam

• Patricia Donnelly, CFABNP Paribas AM

• Ahmet Fall, CFAAXA Investment Managers

• Gabriel Houette, CFA Natixis

• Ibrahima Kobar, CFA Ostrum Asset Management

• Geraud Manhes, CFABNP Paribas CIB

• Laurent Pellerin, CFACrédit Agricole CIB

• Thomas Perrotin, CFAMoneta AM

• Mustapha Tachabount, CFA Amundi

• Danilo Telles Zelinski , CFABlackrock

• Olivier Vion, CFASociété Générale

CFA Society France can rely on 11 active Ambassadors representing more than 360 employed members

3.Ambassador


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On February 13rd, CFA Society France Ambassadors were invited for an exclusive dinner with CFA Institute Staff.Rhodri Preece, CFA, Head, Industry Research, presented the newly published report of Future of Finance initiative: Investment Firm of the Future

During this session, particpants debated about future challenges and opportunities in light with prospects for our industry driven by regulatory, technological, social and markets trends. Ambassadors launched variousinitiatives included:

• Sharing knowledge with the presentation of research papers in CFA Society France academic lunch sessions

Michaela Marcussen, Chief Economist at Societé Générale, Chair of the 2018 Charter Award Ceremony

• Setting-up new common programs between CFA Institute and employers onEthics

• Hosting events organized by CFA Society France for its members and contributingin kind

• Identifying speakers within the respective organisation specialized in technical topics (Brexit, Emerging Markets, ESG, ABS markets…) and for flagships conferences (European Investment Conference)

3.Ambassador

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3 .Back to France

MISSION As the international environment is evolving the Back to France Committee is aiming at creating new bridges between the French and the overseas financial service communities.


The Back to France Committee organized an event dedicated to the opportunities for the Paris marketplace following the expected Brexit.

During the panel, Yvan Mamalet, Senior Economist, presented the potential economic impacts of the Brexit.

Alban de Clermont - Tonnerre shared his experience in creating a successful cross-border investment firm.

Olivier Dussart and Marie-Claire Dupin provided an overview the fiscal and regulatory initiatives launched by the French government to attract new jobs.

Baptiste Lambert, headhunter, presented new job opportunities for professionals in the financial services industry in France.

The panel was followed by a lively debate on how the Brexit could transform the Paris financial services ecosystem.

How the Brexit will transform the French financial marketplace?

CHAIR• Olivier Vion, CFA

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MISSION

To support CFA Candidates on their quest to earn the CFA Charter through

preparation events such as mock exams, discounted prep courses, exam tips

sessions and facilitating study groups. Success in this mission is measured by

growing the numbers of successful CFA Candidates in France.

Key Figures

December 2018Level I

1,8001,6001,4001,2001,0008006004002000

2014 2015 2016 2017 2018 2019Level I - December Level I - June Level II Level III

New Candidate Returning Candidate

June 2018Level I

June 2019Level II

June 2019Level III

357 395202

417

742637

352

1,123

3.Candidates

Candidates Registered: 4225

Candidate Stats

As of 31 May 2019

As of 31 May 2019

CHAIR• Marc Kaadi, CFA

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3 .Candidates

75 %

50 %

25 %

0 %

December 2018 Level I

June 2018 Level I

June 2018 Level II

June 2018 Level III

29,532,2

26,729,8

25,528,4

26,628,0

Male - Global Female - GlobalMale - Your Society Female - Your Society

2014 2015 2016 2017 2018 2019

New Candidate Returning Candidate

Gender (all levels)

Key Successes & Takeaways:

Average Age As of 31 May 2019 As of 31 May 2019

• CFA Society France boasts the largest candidate pool in EMEA (Ex UK): 4225

• Candidate growth is very rapid and strong, although 5yr CAGR has declined slightly from 2018-2019 (8.7% -> 8.0%)

• Candidate Member growth from 65 to 69 as a result of Committee decision to change value prop to include all workshops and mock examsin membership fees

• Strict Cost cutting plan led to a reduction in room fees while increasing number of workshops from 5 to 7 (goal was 8)

- Stragteic reorientation to focus resources on L3 to increase - Candidate-to-Charterholder conversion

• Candidate Relations Committee now has 5 permanent members

• Gender equality of French CFA Candidate Pool is slightly lower than the total EMEA average, but slightly higher female percentages than EMEA average at Levels II & III

• Average ages are quite young, indicating graduate students and early career professionals make up most of the French Candidate Pool

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Expanded Candidates Program 2018-2019

OctoberDecember Candidates Kickoff

October2x CFA Level I Workshops Wiley & Top Finance

NovemberKick off Meeting June Candidates (see below)

NovemberLevel I Mock Exam @Dauphine

JanuaryCFA June Exam Kickoff Even

FebruaryLevel III IPS WorkshopIPS - Top Finance

April 2x Level I CFA Workshops Mourad Mnif, CFA & Julien Ménard,CFA

May Level II Workshops - FRA/Tough Topics Top Finance

May Level III CFA Workshop Christine Verpeaux, CFA

MayLast Tips Meeting

June All Levels Mock Exam (@Dauphine)

July Post Exam Social Event

3.Candidates

35

3 .Career Serie

MISSION In light with structural changes in the financial services industry, the Career Serie Committee aims at bringing together members and profeesionnals to identify opportunities in an asset class, a job position or a specific market.


Launched in May 2019, the Career Serie Committee organized a workshop dedicated to new job opportunities in the private debt market.

This workshop brought together 30 CFA Society France members, 2 experts from the private debt market (Antoine Maspetiol, Head of Alternative

Income Solutions Aviva Investors France and Florent Hamard Investment Manager - Private Debt La Banque Postale Asset Management) and Denis Marcadet President & Founder Vendôme Associés.

Already 3 workshops are scheduled for FY2020 : ESG (November 2019), ETF (January 2020) and Private Equity (March 2020).

CFA Career Serie is sponsored by SimCorp

CFA Career - Working in private Debt: Insight, Outlook & Opportunities

CHAIR• Jean Edouard Gross, CFA• Julien Ménard, CFA

36

3 .Communication

MISSION • Reinforcing the awareness and presence of the CFA Society France and the CFA Institute amongst the tier 1 media in France;

• Strengthening communication with members via social networks and newsletters, thanks to the use of Twitter and LinkedIn to communicate to the CFA Charterholders community in France and beyond.

Media Relations

Social Media

11 press releasesdistributed

• @CFAFrance• More than 1,670 followers (+6 %)

• Almost 270 followers of the CFA Society France’s page

• More than 1,150 followersof the CFA Society France’s page (+75 %) • 370 members in the CFA Society France Members Group

• More than 570 members in the CFA Society France Candidates Group

• 4 events videos published on the CFA Society France’s page• More than 200 subscribers (+65 %)

More than 60 articlespublished

Key Figures

CHAIR• Philippe Maupas, CFA

37

3 .Communication


The 2019 main initiative was the launch of a brand campaign (https://www.letsmeasureup.org/fr) in France in partnership with the CFA Institute targeting professionals from the asset management industry. The ultimate goal was to raise top of mind awareness of CFA Institute, its network of local CFA member societies and its Charterholders worldwide, in addition to showing why they matter.

• Presence was ensured across high-reach and high-indexing national, financial and trade partners such as Les Echos,Le Monde, Le Figaro, Challenges, Capital, L’Agefi and Option Finance.

• The social networks Facebook and Twitter were used to supplement a global partnership activity with LinkedIn.

• A print campaign in metro subway stations in Paris targeting an institutional audience was released in Spring.

• Finally, the global website Letsmeasureup.org which promotes the CFA Charter was translated in French in order to attract new French candidates.

Among other initiatives, the Committee has been working on:

• Increasing awareness of the CFA Society France thanks to exclusive interviews of its President, Jean-Philippe Dorp, and reknowned and active expert members;

• Promoting the new Board members of the CFA Society France and key international appointments at the CFA Institute in French media;

• Sharing important information regarding the CFA Institute and the CFA Society France developments, reports, events and actions in French media and on social networks.

38

3 .ESG

MISSION • Providing practical overview on ESG issues through conferences and training;• Ensuring the Committee’s legitimacy with members and the CFA Institute.

An ESG event was organized on March 14th. Named “ESG Communication: From Information Gathering To Integration in Portfolio Management”, the event was conducted by Loïc Dessaint from Proxinvest and Anne-Claire Imperiale from Sycomore Asset Management.

• Debated and gave the members clues about the definition of the sources of information specific to governance, societal and environmental analysis;

• Discussed their evolution and identified best practices taking into account a fair balance between regulations, investor needs and companies’ ability to provide information.

The priorities of the Committee for the months to come will be:

• To continue the cycle of governance conferences with an event on the Pacte law and to initiate new ones dedicated to impact investing and carbon;

• To initiate collaboration with the CFA Society UK in the context of the implementation of a “pilot” ESG certification in the 3rd quarter of 2019.


CHAIR• Eric Labbé, CFA

39

3 .European investement conference

CFA Society France co-organized with CFA Institute the Annual European Investment Conference which took place on 26-27 November 2018.

During 2 days, 265 delegates from 43 countries debated pressing issues affecting

financial markets, including Geopolitics, Sustainable finance, Technology’s impact on finance, The future of the European Union with 27 speakers on 14 panels.

By leveraging on CFA Society France network this exceptional event was unique opportunity

to shed a light on theattractiveness of Paris as leading financial center

Videos of the 2018 EIC are available at https://bcove.video/2H4I6eg


CHAIR• Jean-Philmippe Dorp, CFA

40

3 .Events

MISSION

Offering regular educational and social events to CFA Society France members:

• Conferences are opportunities for members to learn about and debate on topics relative to their professional and personal interests as well as networking; • Social events contribute to enhancing the community spirit of the society.

Key Figures

• 2 to 3 events organized per month by the CFA Society France and the CFA Institute in France during the 2018/2019 year

• 5 academic sessions and workshops giving members the opportunity to learn from academics and professionals on leverage ratios, equity, ethics and soft skills

• 3 social events to network and celebrate:

The summer cocktail;The candidate cocktail;The Charter Award Ceremony.

• An average of 35 participants per event

• More than 15 educational conferences covering different topics :

ESG and impact investing;Geopolitics and economics;GIPS;Infrastructure, debt investment and asset allocation;Valuation;Innovation and fintechs...

CHAIR• Irina Troussova, CFA

41

3 .Events


• Events satisfaction rating has remained high with an average of 4.4 out of 5 (+0.1 vs last year).

• Sponsorships have been secured with quality partners such as Amundi, BNP Paribas AM, CAIA, CME Group, Cognizant, Factset, Institut Louis Bachelier, Moody’s, Invesco, Thomson Reuters and Tobam.

“On October 3rd, Eurasia shared their views on the geopolitical prospects for Europe.”

• Various renowned companies have hosted our events, such as Cognizant Consulting, Factset, BNP Paribas Asset Management, Moneta, TOBAM and Simcorp.

• And as usual, the support of many volunteers from the CFA Society France has been essential.

• Thank you to all our partners, hosts and volunteers.

42

MISSION

The GIPS standards are a voluntary set of standards developed by CFA Institute in collaboration with over 40 Country Sponsors. The objective of the Standards is to provide an ethical framework for the calculation and presentation of the investment performance history of an investment management firm to prospective clients. The Standards also provide a standardized framework and outline of internal controls necessary to enable performance figures to be directly comparable amongst firms globally. The new version GIPS 2020, will be officially enforced on January 1st, 2020.

Since September 2016, CFA Society France and the Association Française de la Gestion financière (AFG, http://www.afg.asso.fr) are proud country sponsors of the GIPS standards and are committed to the promulgation and creation of the Standards in France. In France, 14 firms have publicly submitted their claim of compliance.

CFA Society France and AFG are an endorsed Country Sponsor authorized by the GIPS Executive Committee to promote the GIPS standards. The GIPS® trademark and wordmark and the GIPS standards are owned by CFA Institute http://www.gipsstandards.org

3.Gips

CHAIR• Jean-François Bouilly, CFA

43

3 .Gips

November 2019

Conference :

« L’APPORT DES GIPS DANS L’ORGANISATION D’UNE SOCIETE DE GESTION »

With ODDO BHF and DELOITTE

Calendar: Key changes:

First comprehensive version of GIPS Standards since 2010

December 2019

Answer to public consultation on GIPS 2020 by CFA Institutewith AFG (Asset Managers Association) : continuous contacts with asset managers and professional associations

• Promotion of GIPS Standards• Promotion of CIPM Certification

August 2018first release

December 2018end of public comments

June 2019official release

January 2020implementation

• Introduction of “Pooled fund reports” (for UCIT for instance)

• Modification of portability when M&A between asset managers

• Change in Carve-Out definition

• Possibility of Money-weighted Returns in some specific cases

• Change in valuation period (real estate, private equity, …)

• Goals: Facilitate adoption by alternative asset managers and institutional investors


Special Note on GIPS 2020

44

3 .Media Awards

MISSION • Highlighting contribution for the advancement of investor education through journalism;

• Celebrating articles that highlight ethical and professional standardsin the French investment sector, and that mirror CFA Society France’s mission and vision.

participating French media

pre-selected and analyzed articles

new award categories created in 2019: best general

magazine or newspper and best financial article in a general media

Article of the Year(trade and financial media):Guillaume Clément, Le Revenu« Les robots ont-ils pris le pouvoir sur les marchés ? » April 2018

Article of the Year(general media):Clément Lacombe, L’OBS« Un nouveau krash est-il possible ? » January 2019

Key Figures

2019 winners

8 224

Publication of the Year (trade and financial media):

Publication of the Year (General media):

CHAIR• Philippe Auffray, CFA

45

3 .Media Awards

2019 Media Awards Ceremony - June 2019 (© Guillaume Blanchon)

46

MISSION • On-Board new Society members and assist them with the application process.• Manage the members’ enquiries while offering activities, education, conferences & events, networking opportunities and soft skills trainings.• Promote members’ volunteering opportunities in the Society’s projects.• Monitor level of satisfaction with current benefits of the membership via annual surveys.

Key Figures

Active Society Members Growth(EXC Candidate Members)


628

2013 2014 2015 2016 2017 20192018

701766

835937

1067 1116

3.Membership & Volunteers

47

Key Figures

The Society’s membership base has continued to increase steadily above the 1000 members milestone to reach 1,116 members over the year representing a 5,5% growth on a year-over-year basis. Including, candidates members, CFA Society France membership reached 1,185 members, up 6%The Annual survey conducted jointly with CFA Institute showed the following:

*77% of the sample (60 members representing a 5,3% response rate) claimed being satisfied with the effort of CFAI and CFA Society France to strengthen professionalism and ethics in the industry and to build awareness and value of the CFA brand.

*Besides, 72% of the of the same sample declared beeing very satisfied with the live conferences and events

organised throughout the year.

CFA France will continue to multiply the efforts to serve the members, in particular, in the area of Career Services and Networking as well as providing the opportunities for the technical and soft skills trainings. These topics were, indeed, identified as the major areas for further development in the Annual Survey.


Membership Survey 2019 (extracts)

Importance of satisfaction with iniatitives

Building awareness and value of the

CFA brand

Support your professionnal development

throughout your carrer

Strengthen professionalism and ethics in the

industry

Achieving regulator recognition of

the professional standing of CFA charterholders

Engaging regulators, policy

makers, and global standard setters to influence policies

that promote investor protection,

market integrity, and practitioner

ethics

Increase employer support of dues

payment

Promoting adoption of GIPS standards among investment firms

Promoting adoption of AMC

among asset investment firms

54%56%63%

82%84%87%90%92%

42%47%

22%

69%

57%

77%

53%

77%

Importance Satisfaction

48

3 .Membership & Volunteers

Key Figures

Who pays your CFA France memberships fees?

57%Members

43%Employers

49

16%


Members Annual Summer Cocktail - June 2019

50

MISSION The Volunteer Management committee is responsible for identifying society needs fulfilling them while overseeing society volunteers, helping them understand their role and fulfill their responsibilities.

Key Figures

3

2

1

99

26

2

2

20

6

3

1

4 2

20 6

8 2

eventsCoordinators

(+2)

Research Challenge Judges

GIPS Committee

Audit Committee (launching)

Advocacy Committee members

Mentoring Program members

(+8)

International Members

Committee (launching)

Back to France Committee

(launching)

University Relations (+3)

Candidates Committee

members (+3)

Career Committee (launching)

ESG Committee (launching)

WIM Committee (launching)

Techno Committee (launching)

Research Challenge Mentors (-3)

Research Challenge

Gradors (-3)

Media AwardsJury members

GIPS Committee


51

16%


85 >37%Volunteers increase YoY

CommitteesSeniorVolunteers

JuniorVolunteers

SocietyMembers

Events

Chairs, Vice Chairs,commitee members

CFA SocietyFrance BoardPresident, VP, Secretary

treasurer, elected directors

CFA InstituteShort-term, project-based,

or an hoc opportunities

• Volunteer Onboarding Guide

• Volunteer path within CFA Society France review

• Second edition of the Volunteer Information Session that contributed to recruit volunteers in several committees


52

3 .Mentoring

MISSION • Supporting the professional development of our members;• Raising awareness of what mentoring is and how it works;• Establishing formal mentoring relationships;• Providing tools, expertise, and support to improve the quality of mentorship;• Creating opportunities to share experiences and to create stronger links between members of our Society.

created (+4 vs last year) would recommend participating in the future editions of this program

Key Figures

14 Almost 100%Mentor-Mentee pairs of the participating members

In 2019, the Mentoring Program Chair conducted with success the 3rd edition of the Career Mentoring Program. The 14 Mentor-Mentee pairs met monthly during half a year in order to help the Mentees reach their various objectives related to professional development, career development and networking.

• While Mentees appreciated an opportunity to talk to more senior members of the industry management, Mentors appreciated the community spirit and the opportunity to share their experience with their peers.

• A number of Mentees did change jobs or took proactive and tangible steps towards the career they aspire to.

In the coming months, the Committee will develop a new offer based on a more flexible on-demand approach to interact with a selected pool of mentors in the CFA Society France.


CHAIR• Alexandra Pailhes CFA

53

3 .Mentoring

Participants

• Van der Borght Antoine, CFA

• Bonhomme Gwladys, CFA

• Carnet Jean-Baptiste, CFA • Decas Antoine, CFA

• Le Disert Fabien, CFA

• Ménard Julien, CFA

• Kalinina Macha, CFA

• Planchais Quentin, CFA

• Rafael Quina, CFA

• Iezhova Valeriia, CFA

• Villard Geoffroy, CFA

• Berhal Morad, CFA

• Peyre Camille, CFA

• Cote Florent, CFA

• Pailhes Alexandra, CFA

• Harts, Frans, CFA

• Fan Yijun, CFA • Houette Gabriel, CFA

• Bismuth Pierre, CFA

• Kalfon David, CFA

• Coudert Julien, CFA

• Ting Viviane, CFA

• Devai Romain, CFA

• Harb Joelle, CFA

• Pansard Vincent, CFA

• Fay Sébastien, CFA

• Guerra Pedro, CFA

• Combes Florent, CFA

Mentees Mentors

54

3 .Quant Awards

MISSION • Promoting quantitative finance among students in Finance;• Encouraging as many French Universities and Business Schools as possible to participate in the QuantAwards competition;• Supporting French students in their preparation;• Participating to the organisation of the European Competition.

Key Figures

CFA Society Ireland, CFA Society Netherlands and CFA Society France

of €2,000, €1,000 and €500 for the European winners, along with the CFA

program exam registration

Irish Life and NN investment Partners

3 3 2Participating

European societies:Prizes global sponsors


The QuantAwards are an annual event opened to students who are registered in a Masters degree in Finance.

• Participating students have to submit an innovative 5-to-7 page research report on quantitative finance focused on a portfolio management issue.

• 5 criteria are used: Presentation, Accuracy& Completeness, Applicability& Relevance, and Innovation.

• Launch and promotion of the event took place in April. The 2019 report submission deadline for the French partcipants is August 31st.

The 2019 QuantAwards is the 9th edition of the QuantAwards competition and the 5th European edition with the participation of France, the Netherlands and Ireland.


56

3 .Research Challenge

MISSION • Providing French students with a unique opportunity to interact with investment professionals and top firms while obtaining real-world experience in equity analysis, research report writing, and presentation skills;

• Encouraging as many French Universities and Business Schools as possible to participate in the CFA Institute Research Challenge;

• Supporting French students in their preparation;

• Organising the Local Competition: source the analyzed company, find and manage graders and judges, manage reports’ submission and grading.

• 20 teams of 4 to 5 members participating in France (+2 vs last year), supported by 20 mentors

• 1 host Oddo & Cie

• 4 local sponsors Amundi Asset Management, Factset, Oddo BHF and Top Finance

• Worldwide, more than 6,100 students from 1,150 universities in 85 countries participating, and 4,000 volunteers from 160 CFA Societies involved

• 6 graders involved

• 3 professional judges from Mainfirst, Comgest and Moneta

Key Figures

CHAIR• Sebastien Boulet, CFA

57

3 .Research Challenge


• The final of the CFA Research Challenge in France, an annual, global competition launched in 2006 that provides university students with hands-on mentoring and intensive training in financial analysis, took place last February 28th.

• This year subject company was SMCP (Sandro Maje Claudie Pierlot), a leader in the global ready-to-wear and accessories market.

• Among the 20 teams from Business Schools and Universities all over France participating to the challenge, the teams from EDHEC Business School, ESSEC Business School and Université Lille II managed to stand out with their equity report on SMCP to reach the final step of the competition.

• The ESSEC Business School’s team was declared winner of the Research Challenge local final in Paris and had the opportunity to represent CFA Society France during the EMEA regional final that was held on April 10th in Zurich, Switzerland.

Congratulations to the team, Shubham Garg , Sejal Varshney, Theodoros Kallinteris, Shubham Upadhyay and William Bohn, to their faculty advisers, Sofia Ramos and Jocelyn Martel, and to their industry mentor, William Pouder.

• The 2019 regional and global champions were respectively: Moscow State University (Russia), University of Lausanne (Switzerland), and the Ateneo de Manila University (The Philippines).

58

3 .Scholarships

MISSION The Scholarship Committee aims at providing support to CFA candidates by awarding a financial enveloppe when it is needed.

Key achievement 2018-2019

During FY19, the Scholarship Committee received 96 applications and awarded 38 Schloarships.All the grants were used by the students.

CHAIR• Patricia Donnelly, CFA

59

3 .Technology finance

MISSION

• Initiate, maintain and promote the technologies used by CFA Society France in its daily activities;

• Review and integrate new technology offerings from CFA Institute.


Our main efforts this year were dedicated to the review and upgrade of technologyused internally by CFA Society France.

• OnBoarding of Diogo Monteiro, CFA as volunteer in charge of project management

• Full gap analysis of the technology used by CFA Society France

• Migration to Blue Jeans as CFA Society France society’s conference call system,enabling 50% savings

• Implementation of G-Suite for CFA Society France, enabling GDPR compliance

• Training sessions of G-Suite collaboration and productivity tools

• Use of Linked-in Job Center in the recruitment of our new staff

Concerning the technology provided by CFA Institute, we expect impactful changes formembers next year, particularly in event management and communication

• Full gap analysis of the technology offering atCFA Institute

• Integration of Salesforce,CFA Institute’s new platformto manage all informationrelated to members and candidates

• Participation in all technology working sessions at the Global Leadership Conference

• Full-day business analysis working session withCFA Institute Digital Products team to discuss the current and future technology needs of the association

• Appointment as beta-testers for future CFA Institute product offerings

CHAIR• Alejandro Hiniesto, CFA

60

3 .University Relations

MISSION

The University Relations Committee is responsible for presenting the CFA program, promoting the CFA designation to universities and business schools and creating new bridges between academics and CFA Society France members.


Academic institutions that embed a significant portion of the CFA Program Candidate Body of Knowledge™ (CBOK™), including the CFA Institute Code of Ethics and Standards of Professional Conduct,

into their curriculum may be eligible to participate in the University Affiliation Program.

Two French universities joined the University Affiliation Program: ESSCA & Toulouse Business School.

13 Universities, 22 Masters are now part of the University Affiliation Program and 10 additional universities are considering joining.

CHAIR• Nathan Columelli, CFA

61

3 .University Relations

During the European Investment Conference, which took place in Paris on November 2018, CFA Society France with CFA Institute invited representatives from the Affiliation Program to debate on how to leverage on the close relationships between the academic and the CFA networks through various initiatives.

ACADEMIC LUNCH SESSION - CORPORATE REPUTATION RISK : MARKET IMPACTS & STRATEGIES

On May 2019, the University Relations committee organized an academic session with Dauphine University. Marie Aude Laguna, presented her research on Corporate Reputation Risk from the strategic and markets impact views.

The next Academic Session season will kick-off on October 2019 in partnership with Iéseg. Mariusz Kowalczuk, professor at Iéseg, will present his research paper on the impacts of the blockchain technologies for the financial services industry.

62

3 .Women in investment management

MISSION

• Create the awareness and advocate for gender diversity, promote more inclusive workplaces within local society;• Better understand and help close the gender gap in the investment management profession;• Support young or middle career women in their professional journeys;• Encourage women to join investment management profession as well as pursue finance education (including CFA designation).


What’s next?

15 January 2019

A flagship educational event in partnership with Moody’s with high profile speakers including Alain Papiasse, Chairman of

• More targeted career or mentoring events.

6 June 2019 Very successful women-only networking event that included an introductory speech on impact investing in art by Fatima Gholem, founder and CEO of Wise and Wired.

• More updates on social networks /Web page : latest news and research.

BNP Paribas, CIB NA & UK, Laure Morsy Head of HR for the CIB (BNP Paribas) and Myriam Durand, MD at EMEA Corp Fin Group (Moody’s).

CHAIR• Inna Mufteeva, CFA

63

3 .Women in investment management

65

4. Financial report

66

Dans le cadre de la mission de présentation des comptes annuels de ASSOCIATION CFA SOCIETY FRANCE pour l'exercice du 01 juillet 2018 au 30 juin 2019 et conformément aux termes de notre lettre de mission, nous avons effectué les diligences prévues par les normes de présentation définies par l'Ordre des Experts-Comptables.

A la date de nos travaux qui ne constituent pas un audit et à l'issue de ceux-ci, nous n'avons pas relevé d'éléments remettant en cause la cohérence et la vraisemblance des comptes annuels.

Les comptes annuels ci-joints, se caractérisent par les données suivantes :

Montant eneuros

Total bilan 296 196

Produits d'exploitation 262 506

Résultat net comptable (Excédent) 63 897

A Angers Le 30 juillet 2019

Pour STREGO

Frédéric BENARD Expert-Comptable

67

ASSOCIATION CFA SOCIETY FRANCEEtats FinanciersExercice du 01/07/2018 au 30/06/2019

Bilan Actif

25520 Page 3

Brut AmortissementDépréciation

Net au30/06/2019

Net au30/06/2018

ACTIF IMMOBILISEImmobilisations incorporelles Frais d'établissement Autres immobilisations incorporelles (1) Avances et acomptesImmobilisations corporelles Terrains Constructions Installations techniques, matériels et outillages industriels Autres immobilisations corporelles 1 370 8 1 362

Immobilisations grévées de droit Immobilisations corporelles en cours Avances et acomptes

Immobilisations financières Participations Créances rattachées Autres titres immobilisés Prêts Autres immobilisations financières (2) 100 100 100TOTAL I 1 470 8 1 463 100ACTIF CIRCULANTStocks Matières premières et autres approvisionnements En-cours de production (biens et services) Produits intermédiaires et finis Marchandises Avances et acomptes versés sur commandes 17 678 17 678 4 000Créances Usagers et comptes rattachés 6 000 6 000 13 512 Autres Créances 14 844 14 844Valeurs mobilières de placement 63 493Disponibilités 256 088 256 088 137 428Charges constatés d'avance (3) 123 123 16 465TOTAL II 294 733 294 733 234 898Charges à répartir sur plusieurs exercicesPrimes de remboursement des obligationsEcarts de conversion actif

TOTAL GENERAL 296 203 8 296 196 234 999

1) Dont droit au bail2) Dont à moins d'un an3) Dont à plus d'un an

68


Bilan Passif

25520 Page 4

au30/06/2019

au30/06/2018

FONDS ASSOCIATIFSFonds propres

-Fonds associatifs sans droit de reprise-Ecarts de réévaluation-Réserves 138 158 138 158-Report à nouveau 18 297 -4 919-Résultat de l'exercice 63 897 23 216

Autres fonds associatifsFonds associatifs avec droit de reprise

-Apports-Legs et donations-Autres fonds associatifs-Résultat sous contrôle de tiers financeurs

Ecarts de réévaluationSubventions d'investissement (sur biens non renouvelables)Provisions réglementéesDroits des propriétaires (Commodat)Total I 220 352 156 455

PROVISIONS POUR RISQUES ET CHARGESProvisions pour risquesProvisions pour chargesTotal II

FONDS DEDIESFonds dédiés sur subventions fonctionnementFonds dédiés sur autres ressourcesTotal III

DETTES (1)Emprunts obligatairesEmprunts et dettes auprès des établissements de crédit (2)Emprunts et dettes financières diversesAvances et acomptes reçusDettes fournisseurs 56 108 62 784Dettes fiscales et socialesDettes sur immobilisationsAutres dettesInstruments de trésorerieProduits constatés d'avance 19 735 15 759Total IV 75 843 78 544Ecarts de convertion passif

TOTAL GENERAL 296 196 234 9991) Dont à plus d'un an Dont à moins d'un an 75 843 78 5442) Dont concours bancaire courants et soldes créditeurs de banques

69


Compte de Résultat

25520 Page 5

Exercice N30/06/2019

Exercice N-130/06/2018

PRODUITS D'EXPLOITATION (1)Ventes de marchandisesProduction vendue de biens et services 27 565 29 265Montant net du chiffre d'affaires 27 565 29 265Production stockéeProduction immobiliséeSubventions d'exploitation 94 043 52 852Reprises sur provisions et transferts de charges 960 8 065Cotisations 124 045 82 583Autres produits 15 893 30 713TOTAL DES PRODUITS D'EXPLOITATION 262 506 203 478CHARGES D'EXPLOITATION (2)Achats de marchandisesVariation de stock de marchandisesAchats de matières premièresVariation de stock de matières premièresAutres achats non stockés 14 743 16 077Charges externes (3) (4) 184 033 162 417Impôts et taxesSalaires et traitementsCharges socialesDotations aux amortissements et provisions

- Sur immobilisations : dotations aux amortissements 8- Sur immobilisations : dotations aux provisions- Sur actif circulant : dotations aux provisions- Sur risques et charges : dotations aux provisions

Autres charges 680 1 906TOTAL DES CHARGES D'EXPLOITATION 199 463 180 399RESULTAT D'EXPLOITATION 63 043 23 079Quotes-parts de résultat sur opérations faites en commun

- Excédent ou déficit transféré- Déficit ou excédent transféré

PRODUITS FINANCIERSProduits nets sur cessions VMP 450Autres produits financiers 404 425TOTAL DES PRODUITS FINANCIERS 854 425

CHARGES FINANCIERESIntérêts et charges assimiléesCharges nettes sur cessions VMPAutres charges financières 288TOTAL DES CHARGES FINANCIERES 288

RESULTAT FINANCIER 854 137

RESULTAT COURANT 63 897 23 216

70


Compte de Résultat (suite)

25520 Page 6

Exercice N30/06/2019

Exercice N-130/06/2018

PRODUITS EXCEPTIONNELSSur opération de gestionSur opération en capitalReprises sur provisions et transfert de chargesTOTAL DES PRODUITS EXCEPTIONNELS

CHARGES EXCEPTIONNELLESSur opération de gestionSur opération en capitalDotations aux amortissements et aux provisionsTOTAL DES CHARGES EXCEPTIONNELLES

RESULTAT EXCEPTIONNELParticipation des salariés au résultatImpôts sur les bénéficesReport des ressources non utilisées des exercices antérieursEngagements à réaliser sur ressources affectées

Total des Produits 263 361 203 903Total des Charges 199 463 180 687

EXCEDENT OU DEFICIT 63 897 23 216

EVALUATION DES CONTRIBUTIONS VOLONTAIRES EN NATURE

RessourcesBénévolatPrestations en natureDons en nature

Total

EmploisSecours en natureMise à disposition gratuite de biens et servicesPrestationsPersonnel bénévole

Total

1) Dont produits afférents à des exercices antérieurs2) Dont charges afférentes à des exercices antérieurs3) Crédit-bail mobilier4) Crédit-bail immobilier

72

Volunteers

• Diego-Felipe Aponte Vargas, CFA

• Alexis Audurier, CFA

• Philippe Auffray, CFA

• Imad Barake, CFA



• Sébastien Boulet, CFA

• Axel Cabrol, CFA

• Frédéric Caumon, CFA

• Eric Chatron, CFA

• Nathalie Columelli, CFA

• Florent Combes, CFA



• Gregory Derrien, CFA


• Nikolai Doinikov, CFA


• Thibaut Dorlet, CFA


• Sarah Duparc, CFA

• Jean Echiffre, CFA

• Anastassios Elemes, CFA

• Najat El Mekkaoui, CFA

• Ahmet Fall, CFA

• Yijun Fan, CFA

• Sébastien Fay, CFA


• Kathleen Gailliot, CFA


• Sylvain Goyon, CFA

• Jean-Edouard Gross, CFA

• Pedro Guerra, CFA

• Najat Hamrouni, CFA

• Joelle Harb, CFA

• Frans Harts, CFA

• Christophe Haussman, CFA

• Alejandro Hiniesto, CFA



• Laurent Inglebert, CFA

• Jocelyne Jovène, CFA

• Marc Kaadi, CFA

• David Kalfon, CFA

CFA Society France would like to thank all its volunteers for their contibution to the successof the Society

73

Volunteers

• Jean Karbouyan, CFA

• Nicolas Kateb, CFA

• Ahmed Khelifa, CFA

• Ibrahima Kobar, CFA

• Eric Labbe, CFA

• Simon Lechipre, CFA

• Bob Leeming, CFA

• Chloé Lemarie, CFA

• Rafael Le Saux, CFA

• Geraud Manhes, CFA

• Touiti Marie Bornand, CFA

• Philippe Maupas, CFA

• Davide Mazza, CFA

• Xavier Menager, CFA


• Pierre Merveille, CFA


• Diego Monteiro, CFA

• Inna Mufteeva, CFA

• Alexandra Paillhes, CFA

• Vincent Pansard, CFA

• Luc Paugam, CFA

• Laurent Pellerin , CFA

• Thomas Perrotin, CFA

• Antoine Petit, CFA

• Xavier Portefield, CFA

• William Pouder, CFA

• Salwa Rajaalah, CFA

• Adam Rej, CFA

• Lewis Smith, CFA

• Veera Somersalmi, CFA

• Nicolas Tabor, CFA


• Danilo Telles Zelinski , CFA

• Anna Tepliakova, CFA

• Viviane Ting, CFA

• Irina Troussova, CFA

• Severine Vadon David, CFA

• Christine Verpeaux, CFA

• Olivier Vion, CFA

• Chen Zhao, CFA

74

Partnerships

Platinium Sponsor Bronze Sponsor

CFA Society France would like to thank its partnersfor their support

CFA Society France would like to thank its partnersfor their support

@CFAFrance

CFA SOCIETY FINANCE

37, rue des Mathurins75008 PARIS

www.cfasociety.org

2018-2019 · asset management as a portfolio manager with responsibility for structured products...

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