This year we are continuing our investments

History of Oddo & Cie is written for five generations. More than sixty years after the financial group present in the trades of the Bank business and asset management is always independent. Oddo family holds a 42, alongside of the teams that have 30 and Allianz (20). Philippe Oddo, who presides over the destinies of this group of nearly 800 people, unveils its 2009 results in "Echoes" and outlines perspectives on this year.

What balance are you getting from the 2009 vintage

Net banking product (GNP) decreased by 10, to EUR 276 million, but it is rather a good result, if compared to the mean CAC, our reference test, which decreased by 25 in 2009, from its level of 2008. The Investment Bank fell further as asset management. Overall, the decline was 15 for the first and 5 for the second. Specifically, bond was carrier, that the metal has rather resilient. We have better view than our competitors in business bank. As markets, intermediation actions it is folded. Thus, our net income stood at EUR 36 million in 2009, compared to 10 million in 2008

Where are you dynamic monetary funds record

This has cost us two years of results. Risk costs were very important on 2007 and 2008, because of the guarantee capital provided to our clients private, foundations and associations. In 2009, we restored our profitability on own funds, which amounted to 13. We have not yet closed the gap with the good years, where this ratio reached the 20-25, but we take the path.

Since the departure of Laurent Mignon for Natixis, did you evolve your governance

Yes. We welcomed two new people in our our supervisory board: Patrick Werner, President of La Banque Postale, and Olivier Marchal, CEO of Bain & Company for the region Europe, Middle East and Asia, which will be presented by popular vote of our General Assembly today. We have also created a compensation Committee, chaired by Gérard Barbot. As to your question on the partnership, the group is led by a team of 4 managers, a "comex" of 10 people, and the current situation is me very well. I'm open, but there is no need to redial a binomial.

Where are you on your investment

We have spent EUR 30 million for research and for information systems last year. This represents 20 of our GDP. Our priority was to increase our reliability and our capacity. We réinternalisé our production capacity, to better control the entire chain. This year, we are continuing our investments. We focus on quality and usability of the materials for our customers

External growth projects are the order of the day

In asset management, even though we have recently conducted the operation with heritage Consultants ("Les Echos" from March 1), we believe especially in our internal growth potential. We have good products. Our management teams have achieved performance. Our investments will go primarily towards them. We raised our level of requirement in the design of our products. We arrived at the simplification of our range, which now includes 60 of UCITS. However, in General, we remain open to any opportunity both the Investment Bank as that of asset management.

Is there a reboot of the collection in asset management

Entirely. In 2009, we collected EUR 400 million in asset management, EUR 100 million with the private bank and EUR 250 million in the Bank postal management private. This also reflects on the amount of our stocks, which are passed in one year from 15 to 17 billion euros. Our status as manager specialized benefits also the revival of the portfolios at a time where the major networks have suffered strong décollectes. At the same time, the intention is also to Europeanise our sales force and promote our products in Switzerland, Spain, Italy, and Benelux. We look also at Hong Kong. As our partnership in Dubai, he enrolled in the long term.

How do you see this year 2010, including on financial transactions

We are positive about 2010. We believe in a gradual return of introductions. Many operations are in preparation, coming from débouclemenent of LBO, family companies, biotech in need of capital. The mergers and acquisitions should also restart. Sign of this reboot, Oddo Corporate Finance, chaired by Fatine Layt, comes to advise a large operation: the assignment of Geoservices to Schlumberger. Side markets, shares should resume, offsetting the possible withdrawal on obligations.