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BDL Capital Management is an independent investment management company founded in 2005.

For the past 15 years, we have been managing the savings of institutional clients (insurance and mutual insurance companies, pension funds, etc.), private banks and wealth management advisors.

Investment in European equities is where we excel; our in-depth company analysis is how we stand out.

With 11 analysts and industry experts, we have one of the most extensive teams in Europe.

We manage 1.4 billion euros on three strategies: three strategies: :

  • Fundamental and ESG management, across BDL Rempart Europe and BDL Convictions– two funds that go back more than 10 years.
  • Quantamental management through Durandal.
  • SRI management with our fund BDL Transition, launched in 2019.

Our commitments

Lasting relations are always based on trust. We keep our promises to win your trust.


Making money is above all about looking to protect and grow capital.


Implement a relevant and impactful ESG policy when assessing companies' long term sustainability


Investing in our funds alongside you to align our interests with yours.



Encouraging communication and teamwork to improve our investment decisions.


Making donations to selected charities to help disadvantaged or disabled people.


Maintaining our independent shareholder structure to avoid conflicts of interest.


Our ESG policy

A signatory of the PRI since 2017, BDL Capital Management has received an A grade in the "strategy and governance" category in 2019.

We vote according to our voting policy, convinced that a proper governance is key.

As climate change is impacting companies' strategies and business models, we engage as shareholders to ensure corporates roll out a relevant and ambitious environmental strategy.

Our partners

Our funds are easily accessible on all of the following distribution platforms.

The Rempart endowment Fund

BDL Capital Management has set up the Rempart endowment fund. As partners and colleagues, we are convinced of the social role we have to play in helping the poorest members of society. The endowment fund supports selected charities with a focus on helping disadvantaged or disabled individuals.

For example, the Rempart endowment fund supports the following charities:

Clubhouse France : innovating to bring individuals living with mental health problems into society and the workplace.

La classe soleil : a class in Kindergarden for children with autism

Action Mama Africa : charity whose goal is to help street children and families living in granite quarries under extremely difficult conditions in Ouagadougou.

Les apprentis d’Auteuil : a public interest foundation, Apprentis d’Auteuil works with the most vulnerable children and families.

The endowment fund also works in the restoration and promotion of cultural heritage sites in Paris by supporting the Avenir du Patrimoine foundation.

The Avenir du Patrimoine foundation in Paris : aims to restore and promote the churches of Paris and their masterpieces, alongside public authorities.

BDL Capital Management is also helping to get people to work through the apprenticeship levy.

ICAM insertion professionnelle : a charity helping people into work in Toulouse

In March 2020, BDL contributed to efforts to support health workers by backing Fondation de France’s United Against the Virus project. Fondation de France, Tous unis contre le virus.

 Our team

25 co-workers share the same passion: to invest in listed European companies

Depuis 2005, nous avons étoffé l’équipe au fur et à mesure afin d’accompagner la croissance. Nous investissons 1.4 milliard d’euros pour le compte d’institutionnels (compagnies d’assurance, caisses de retraites, mutuelles…), de banques privées, de conseillers en gestion de patrimoine et de particuliers.

To understand these companies and their business models, each day  our 11 analysts study their annual reports, meet their management teams, and visit their production facilities.

15 people are responsible for investments. Six work in customer service, and ten ensure that BDL runs smoothly each day.

ESG and Fundamental Management

Hughes Beuzelin

After graduating from ISG in 1995, Hughes worked for Williams de Broë and Crédit Suisse First Boston in London. He then moved to Paris in 2000, joining Morgan Stanley where he met Thierry Dupont. In 2002, Hughes founded Boomerang Asset Management, a French company managing the Novalis Europe fund (November 2002-April 2004). While there, he recruited Bastien Bernus. He sold this company in 2004 and created BDL Capital Management, where he manages BDL Rempart Europe which in 2005 became the first fund with Aria (simplified investment rule) status and now has a track record of more than 14 years. He also manages BDL Convictions launched in 2008.

Bastien Bernus

A graduate of the MBA Institute, where he specialised in Corporate and Market Finance at Emory University in Atlanta, Georgia, Bastien played an active role in the launch of Boomerang Asset Management in Paris in 2002. At the time, he was an assistant fund manager working for Hughes Beuzelin. In 2005 he joined BDL Capital Management, contributing extensively to the company’s development in his role as financial analyst. He has been co-manager of the BDL Rempart Europe and BDL Convictions funds since July 2008, covering the business services, hotels, transport and leisure sectors. BDL Rempart Europe and BDL Convictions et couvre les secteurs des services aux entreprises, hôtels, transport et loisirs.

Jean Duchein

A graduate of EDHEC in 1999, Jean began his career at Arthur Andersen in Paris. He then joined the Corporate Finance team of the company, now Ernst & Young Transaction Advisory Services, to take charge of financial due diligence assignments with European LBO funds (large and mid-cap) and financial and operational restructurings with underperforming companies. In 2006, Jean joined BDL Capital Management as a financial analyst specializing in the public service, automotive, construction and industrial sectors. He manages the BDL Transition Fund. BDL Transition.

Laurent Chaudeurge

A graduate of ESCP and CFA charter holder, Laurent began his career at Goldman Sachs in London in 1999. He then joined Morgan Stanley in Paris where he met Hughes Beuzelin and Thierry Dupont. In 2009, he moved to Exane to sit as a member of the executive committee and work as Head of Sales for Exane BNP Paribas. He arrived at BDL Capital Management in November 2018, taking responsibility for portfolio construction and development strategy. He is also co-manager of the BDL Transition fund. BDL Transition.

Thomas Bauzon

Thomas has completed internships at Pimco and Edmond de Rothschild. Studying part-time for a Masters at ESCP Europe, he joined BDL in 2019. He is responsible for ESG analysis with Laurent Chaudeurge.

Aymeric Mellet

A graduate of Ecole Polytechnique, Aymeric worked on the media and public real estate investment sectors at the Ministry of the Economy and Finance. He joined BDL Capital Management in 2006 to work alongside Jean Duchein, covering the utilities, automotive, construction and industrial sectors.

Paul de Branche

A graduate of HEC Paris, Paul worked as a strategy consultant at OC&C. He then joined BDL Capital Management in 2016 to cover the Technologies, Media and Telecoms sector.

Vincent Maulay

Vincent is an engineer from Télécom SudParis. He has done a Master in Strategy and Finance at HEC Paris and got the certification (CIIA) from the French financial analyst association (SFAF). He worked as an analyst at ODDO BHF for 14 years, covering Telecoms and IT Hardware, on top of an experience of head of IR with Altice. He joined the Technologies, Media and Telecoms sector team at BDL in 2020.

Alexandre Marie

A graduate of ENSAM, Alexandre completed a Masters degree in Corporate Strategy and Finance at HEC. He worked as an Oil & Gas analyst at Exane for seven years. He joined BDL Capital Management at the beginning of 2014 to follow the oil services industry.

Quantitative management

Maxime Hayot

Engineer from Telecom Bretagne, with a "Master of Science" in Financial Mathematics from Oxford University, Maxime worked as a Quantitative Credit Analyst at Crédit Agricole-CIB and structured products sales analyst at Credit Suisse in London. In 2012, he joined BDL Capital Management to take charge of cash management and the development of hedging strategies. He has held the position of manager of an internal fund since June 2013 and has managed the Durandal fund since its creation. fonds Durandal depuis sa création.

Romain Mayer

A graduate of HEC Lausanne, Romain completed traineeships in competition analysis at Mobistar and management control at Pentair. He then taught at the University of Lausanne. He joined the BDL Capital Management team in 2015 to help with risk modelling and portfolio optimisation. He is a quantitative analyst and also in charge of development in Switzerland.


Thibault Wehbe

A graduate of Supélec, Thibault worked as an equity and fund derivative market maker at Société Générale in Paris and UBS Investment Bank in London. He joined the BDL Capital Management team in 2013 as head of trading and execution.

Thibault Thuaire

Holding a degree in Risk Management and Quantitative Finance from ENSAE Dauphine, Thibault also graduated from EISTI as an engineer in IT and mathematics. He joined BDL Capital Management in 2013, working with Thibault on trading and execution.

Investor Relations, Marketing and Communication

Thierry Dupont

A graduate of ESCP (1984) and the European Federation of Financial Analysts, Thierry worked at Pechiney in Singapore, then Elf Atochem in Paris. In 1989, he joined the family trading company Dupont-Denant, later renamed Natexis Capital. He then worked at Morgan Stanley where he met Hughes Beuzelin. He founded BDL Capital Management in 2005. Thierry contributed to MEDEF’s work on hedge funds, and represents BDL Capital Management at the AFII prospects club.

Axelle Falaise

A graduate of ESCEM, Axelle started her career at CA Cheuvreux Frankfurt, selling equities. She then won a scholarship to complete a double Masters at Macquarie University in Sydney. Returning in 2010, she worked at Exane Geneva, selling options. Axelle joined the BDL Capital Management development team in 2012.

Victorien de Gastines

Victorien holds a Bachelor’s degree in Economics and Finance from the Catholic University of Lille, and is a graduate of Audencia Nantes. He joined BDL Capital Management in 2007 to develop funds alongside Thierry Dupont.

Camille de Labeau

Camille holds a Bachelor’s degree in Economics, Management and English from the University of Nanterre Paris X, and is a graduate of Audencia Nantes. She joined the BDL Capital Management development team in 2016.

Flavien Del Pino

A graduate of Neoma Business School, Flavien completed sell-side and fund management internships before joining Exane BNP Paribas in 2012. After spells with the sales team in New York and research department in London, he spent five years selling equities in Paris, looking after clients in France and the Benelux countries. He joined the BDL Capital Management development team in 2019. 

Risk control, information systems and middle office

Stanislas Perney

A graduate of Supélec, Stanislas started his career in 2010 as a consultant at Murex. He joined the BDL Capital Management team in 2013 as a risk manager, gaining FRM certification in 2015.

Jean-Nicolas Piketty

A graduate of Arts et Métiers ParisTech, Jean-Nicolas specialised in knowledge and information systems management. He worked in IT management consulting for five years, mostly at Capgemini Consulting. He joined BDL Capital Management in 2017 as Head of Middle Office. He is also responsible for IT

Administration, Finance, Legal and Compliance

Tamar Terzian

After a Degree in Accounting and Financial Studies, Tamar gained significant experience at the Degroof management company. She joined BDL Capital Management in July 2012 and looks after financial matters.

Nicolas Julia

A graduate of EM Strasbourg Business School, Nicolas first worked at PwC as a bank and insurance consultant, carrying out regulatory assignments for a large French bank. He joined BDL Capital Management in 2016 to strengthen the compliance and regulatory department.

Office Manager

Valérie Schelcher

After many years in interior design and event management, Valérie joined BDL as Office Manager in 2014.

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Please email your application (CV and cover letter) to: 



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