(AOF) – Groupama Asset Management announces the appointments of Thibault Douard and Anne-Claire
Daussun as managers within the specialty credit division. These nominations are
in its strategy of accelerating the development of this expertise in high yield credit,
subordinated debt, and hybrid debt. Thibault Douard has more than 15 years of experience at Tikehau, where he developed in-depth expertise in the management of subordinated debt and high yield debt (Tikehau SubFin Fund and Tikehau European HY).
Previously, he was a high yield corporate and subordinated debt analyst. Thibault Douard holds a Master’s degree in banking and finance from the University of Paris 1 Panthéon-Sorbonne and a Master’s degree in mathematics and computer science applied to the social sciences from the University of Paris 5 René Descartes.
Anne-Claire Daussun has more than 15 years of experience as a bond analyst-manager at Amiral Gestion (2021-2024), La Financière de l’Echiquier (2018-2021), and Altarocca AM (2014-2018). She also worked at Oddo AM (2009-2014) and Exane Derivatives (2008-2009). A graduate of HEC Paris with a major in finance, Anne-Claire Daussun has solid expertise in the areas of high yield and hybrid debt.
**Given Groupama’s traditionally conservative investment approach, what specific factors might have prompted this significant investment in expanding its specialty credit team?**
## Groupama Strengthens Specialty Credit Team: A Move Towards High-Yield and Hybrid Debt?
**Moderator**: Welcome back to “Market Movers,” where we dissect the latest developments shaping the financial landscape. Today, we’re examining Groupama Asset Management’s recent appointments of Thibault Douard and Anne-Claire Daussun to its specialty credit division. This strategic move signals a potential acceleration in Groupama’s focus on high-yield credit, subordinated debt, and hybrid debt. Joining us today are financial analyst Sarah Jones, who sees this as a shrewd play by Groupama, and investment advisor Mark Thompson, who remains somewhat skeptical. Welcome to both of you.
**Sarah Jones**: Thanks for having me. I think this is a significant development. Groupama, known primarily for its traditional asset management, is clearly signaling a more aggressive stance in the specialty credit market. Both Douard and Daussun bring impressive credentials and extensive experience in managing high-yield debt and subordinated debt, precisely the areas Groupama seems to be targeting.
**Mark Thompson**: I wouldn’t go so far as to call it “aggressive,” Sarah. While the appointments are certainly notable, it’s still premature to say this represents a full-blown shift in Groupama’s strategy. The firm has historically focused on a more conservative approach
**Moderator**: Mark, you’re suggesting this could be more of a gradual expansion into a specialized niche rather than a radical restructuring?
**Mark Thompson**: Exactly. Groupama may be testing the waters, exploring the potential of these asset classes without abandoning its core strengths. We need to see further investments and strategic decisions before declaring it a definitive shift.
**Sarah Jones**: I understand your caution, Mark. But consider the context. Interest rates are rising, making traditional fixed-income investments less attractive. Investors are increasingly looking for alternative sources of yield. High-yield credit, while riskier, can offer potentially higher returns. By strengthening its team in this area, Groupama is positioning itself to capitalize on this trend.
**Mark Thompson**: It’s true that investors are seeking higher yields, but it’s a delicate balancing act. High-yield bonds come with inherent risks, and the economic outlook remains uncertain. Groupama must be incredibly discerning in its investments to avoid potential losses. While these appointments are a step in the right direction, it’s crucial to see how they translate into concrete investment strategies and portfolio performance.
**Moderator**: Excellent points from both sides. Thibault Douard’s expertise in managing subordinated debt and high-yield debt, honed during his time at Tikehau, coupled with Anne-Claire Daussun’s extensive experience as a bond analyst-manager at reputable firms like Amiral Gestion and La Financière de l’Echiquier, undoubtedly strengthens Groupama’s team. How this expertise translates into investment performance and ultimately shapes Groupama’s future in the specialty credit market remains to be seen. It will be fascinating to watch how this story unfolds.
