We are an investment management firm whose investment strategies are based on a quantitative and scientific approach to financial markets.

Founded in 1991, we are one of the most established firms of our kind, with a track record built on a carefully managed expansion process, rigorous risk framework and distinct culture that blends a unique mixture of the scientific background of our researchers and IT engineers, supported by an experienced corporate team. The firm is owned by management and employees, with a minority stake held by Dyal Capital.

Research and technology are the key enablers of the investment process at CFM, which involves creating strategies derived from analysing large quantities (petabytes per annum) of financial data allowing trading decisions to be executed in a highly systematic and disciplined way. We look for statistically significant patterns from which we create investment strategies that are rigorously tested before being implemented by algorithms that control the buying and selling of securities. CFM manages a large set of quantitative strategies which trade liquid instruments across global markets including futures, equities, bonds, options, foreign exchange and various derivatives. In view of these challenges, collaboration, humility and innovation are key components to our culture.

Our investors include Pension Funds, Endowments, Sovereign Wealth Funds, Foundations, Fund of Funds, Private Banks, Insurance Companies and Family Offices. We have offices in Paris, London, New York, Tokyo and Sydney.

In addition to carrying out research on new strategies, we have strong links to a number of universities and our researchers seek to contribute to the advancement of knowledge in finance and economics by lecturing and regularly publishing academic articles.

Our entities are registered with the:

  • AMF in France
  • CFTC and SEC in the USA
  • FCA in the UK
  • FSA in Japan

We are a member of:

  • AFG - Association Française de la Gestion financière
  • AIMA - Alternative Investment Management Association
  • SBAI - Standards Board for Alternative Investments

Our Vision

Big-data and technology are set to have as profound an impact on the world as the industrial revolution. In fields as varied as medicine, science and finance, we are already seeing massive advances. CFM has been a pioneer of econophysics. It has innovated by applying research and academic techniques to finance and economics, seeking to create consistent returns not correlated to wider market performance and applying appropriate risk parameters.

Data proliferation is a modern phenomenon that looks set to continue. This combined with huge technological change, means we believe structural change in finance is inevitable. Systematic techniques will become the norm in asset management and firms with the research capability and technology to harness data are likely to be winners. Our aim is to remain at the vanguard of this revolution, whilst staying true to our philosophy and culture. 

Our History

  • CFM founded by Jean-Pierre Aguilar.

    CFM's first Managed Futures program established.

  • Creation of Science & Finance, founded by
    Jean-Philippe Bouchaud and Jean-Pierre
    Aguilar, as the research arm of CFM.

  • Marc Potters joins.

  • Laurent Laloux joins.

  • Jean-Philippe and Marc co-author Theory of Financial Risk and Derivative Pricing.

  • CFM and Science & Finance merge, creating
    the structure of the firm that exists today.
    Intraday trading research commences.

  • The Equity Statistical Arbitrage strategy is introduced;
    Jacques Saulière joins.

  • Starts intraday trading.

  • Launch of the Quantitative Multi-Strategy
    program, marking the diversification of the firm.

  • Launch of the Equity Volatility
    Arbitrage strategy;
    Philippe Jordan joins.

  • Launch of the Directional Volatility strategy;
    creation of the CFM Foundation for Research.

  • The management team of CFM and Dyal
    Capital
    buy the estate of Jean-Pierre Aguilar,
    following his death.

  • Launch of a new, high capacity, low fee
    Long Term Trend Following program.

  • The Diversified Alternative Beta program is
    launched; creation of CFM-Imperial Institute
    of Quantitative Finance.

  • CFM Foundation establishes data science program at École Normale Supérieure.

  • Launch of a dedicated Equity Market Neutral program as part of our alternative beta strategies.

  • CFM passes the $10bn AUM milestone.

  • Sponsor of the Capital Fund Management Chair for Econophysics and Complex Systems at Ecole Polytechnique.

Our board

Dr. Jean-Philippe Bouchaud

Dr. Jean-Philippe Bouchaud

Chairman

Jean-Philippe is Chairman and Chief Scientist. He supervises our research department with Marc and maintains strong links between our research team and the academic world. He is also a professor at Ecole Polytechnique where he teaches Statistical Mechanics and a course on 'Complex Systems'. He joined CFM in 1994.

Philippe Jordan

Philippe Jordan

President

Philippe is President of CFM International, serves on the Board of Directors of CFM S.A. and manages Investor Relations at the firm. He has an extensive background in the alternatives space, having worked for a variety of global financial institutions including Credit Suisse, Daiwa and Oppenheimer. He has deep knowledge and understanding of the investment community developed through his time at CFM and the variety of senior roles he has held, including capital markets hedge fund coverage, FoF management and hedge fund incubation. He joined CFM in 2005.

Dr. Marc Potters

Dr. Marc Potters

Chief Investment Officer

Marc co-heads, together with Jean-Philippe, the research team, comprising mainly PhDs. With his team, he has published numerous articles in the new field of statistical finance while continuing to develop concrete applications of financial forecasting, option pricing and risk control. Marc obtained his PhD in physics from Princeton University. He joined CFM in October 1995 as a researcher in quantitative finance.

Jacques Sauliere

Jacques Saulière

Chief Executive Officer

Jacques oversees operations and technology. He graduated from the École Centrale in Paris in 1985 and also holds MSc degrees in Electrical and Aerospace Engineering from the University of Southern California and a MBA from INSEAD at Fontainebleau. Jacques worked with the CFM team throughout the 1990s, while at Ubitrade, a financial services company also founded by Jean-Pierre Aguilar, before joining CFM in August 2001.

Dr. Laurent Laloux

Dr. Laurent Laloux

Chief Product Officer

Laurent manages product development with a particular focus on evolving CFM’s research and IT capabilities. Laurent obtained his PhD in Theoretical Physics from Université Pierre et Marie Curie in the Laboratoire de Physique Théorique de l'École Normale Supérieure. He joined CFM in February 1997 as a researcher to work on Discus, the managed futures/FX program. In 1998, he started to focus on equities to develop the Equity Statistical Arbitrage program, which was launched in 2001.