Financial Investment · 05
Treasury Management
Active management of group liquidity with top-tier custodian banks.
Deposits, MMFs, T-bills
Instruments
Investment-grade banks
Counterparties
Maintained at all times
Liquidity buffer
Forwards, swaps
Hedging
Overview
About Treasury Management.
Treasury management ensures the group always has the liquidity it needs, while optimising the return on cash reserves.
Cash is placed in term deposits, money-market funds and short-dated sovereign bonds with leading banks.
- Cash pooling across subsidiaries
- Term deposits
- FX and interest-rate hedging
- Liquidity forecasting
Financial Overview
Activity and allocation.
Liquidity reserves (€m)
Financial Investment allocation (%)
- Private equity 35%
- Private credit 25%
- Listed markets 20%
- Treasury 12%
- Special situations 8%
Year-on-year growth (€m)
Indicative figures for illustration purposes. Past performance is not indicative of future results.
Legal & Regulatory Framework
Governed by clear rules.
Code monétaire et financier
Investment activities are conducted in accordance with the French Monetary and Financial Code.
MiFID II & AIFMD
Where applicable, transactions with regulated counterparties follow European markets and fund-manager directives.
Shareholders' agreements
Every participation is governed by a pacte d'associés covering governance, transfer and exit rights.
AML / CFT & sanctions
Systematic KYC, beneficial-owner identification and EU / OFAC sanctions screening.
Risk Management
Risks identified and controlled.
| Risk | Mitigation |
|---|---|
| Credit risk | Senior security, covenants and collateral on every lending position. |
| Liquidity risk | Group liquidity buffer maintained with top-tier custodian banks. |
| Concentration risk | Single-position limits set by the investment committee. |
| Valuation risk | Independent quarterly valuation of unlisted assets. |
Legal Notice
This page is provided for information purposes only and does not constitute an offer, solicitation or recommendation to buy or sell any financial instrument or to enter into any transaction. Any engagement is subject to contractual documentation, satisfactory completion of KYC / AML procedures in accordance with articles L.561-1 et seq. of the French Code monétaire et financier, and the approval of the relevant banking institutions. Holding JMB SARL — RCS Paris 528 403 074.