Although it is much easier to start up in other countries, groups of French entrepreneurs are setting up their investment boutiques and trying to win the hearts and minds of investors despite the recent slumps in the market and regulatory barriers
It was US President George Bush who was credited quite wrongly, as it turned out with saying that the problem with the French is that they have no word for entrepreneur.
Try telling that to people like Rémy Pierre and the other former members of the Ixis equity-linked department who established the 100% independently-owned Anakena Finance in May 2006. Five months later, Anakena launched its first hedge fund the Cayman-registered multi-strategy Maximus Fund, which returned 3.57% between the start of October 2006 and the end of the year, and a further 10.44% in 2007.
Unfortunately, much of that stellar...