3 questions to Bruno Renard, CA Cheuvreux' Head of European Research What are investors' expectations in the area of research? Clients ask us to assist them in their investment decisions. Their requirements may take many different forms. Buy side analysts, whose task involves advising fund managers, call on our analysts' sectoral expertise. The managers ask us to identify the best investment opportunities either in all the markets or within the same sector or amongst a certain class of securities (e.g. mid caps). Their investment horizon or their management style is not always the same which has direct consequences on their requirements and on their queries to our analysts. Do the latest rankings adequately reflect the performance of CA Cheuvreux' research? What are its strong points? Our ambition is to meet all the requirements of our institutional customers, whatever their approach: stock picking or sectoral. Our specific approach is a multi-centre strategy which leads us to be present in most European countries within an unequalled research depth. This explains our n° 1 position in Europe for mid caps. Today we are following approximately 800 securities from all over Europe. We have analysts in 9 centres as well as a team in Dubai who covers the Middle East. At the same time we have a sectoral research offer covering virtually all economic sectors as well as a recognized economic and strategic research. Lastly for the last three years we have heavily invested in research concerning socially responsible investments (SRI), which is today one of our strong points. Research has always been central to our offer and its independence and reliability are major factors in our reputation. What are the next developments involved in this multi-centre strategy? In terms of expansion, we wish to achieve the coverage of Europe. After Greece in 2007, we are going to open a Research office in Vienna in early July to cover Austrian and Central European securities. Turkey is also on the agenda for 2008. Our objective is quite ambitious: to rank among the top three in all the countries where we are established while maintaining and even improving our positions in sectoral research and strategy, mid caps and SRI.
CA Cheuvreux winner of the French 2007 StarMine rankings CA Cheuvreux obtained 20 awards in Starmine's 2007 ranking of the best French analysts, which clearly puts the company at the top.