The merger between two of our subsidiaries CPRAM and BFT Investment Managers announced in May 2025 is now effective. The new entity, which retains the name CPRAM, is headed by Alice de Bazin, supported by Gilles Guez and Arnaud Faller. Our subsidiary ranks 10th among French asset management companies, with nearly €100 billion in assets under management*, notably in thematic, quantitative, fixed income and money market management. The new entity combines the historical strengths of both companies and brands to accelerate its development and better service its clients.