In an environment marked by persistent volatility, investors are increasingly turning to alternative strategies in search of diversification and flexible sources of return. In this three-part series, Andrea Bertocchini, Head of Benelux & Nordics at Groupe La Française, shares his perspective on Cigogne Management, the alternative investment company of Groupe La Française, and the strategies it deploys to navigate volatile markets. This opening article focuses on Cigogne Management itself, highlighting its history, its distinctive partnership model, and why its approach resonates in today’s environment. The next two articles will turn to its two flagship strategies in detail.
Cigogne Management, two decades of alternative investment expertise
Founded in 2004, Cigogne Management is an alternative investment company focused on pursuing absolute performance largely independent of broader market direction, a positioning that has resonated with allocators seeking diversification away from traditional long-only exposures. Over more than 20 years, the firm has positioned itself around disciplined, arbitrage-driven strategies at a time when many investors are reassessing the role of alternatives within diversified portfolios, carving out recognized niche expertise. The company covers a broad range of specialties including interest rates, M&A1 situations, convertible bonds, corporate bonds, ABS/MBS2 and CLO3 markets.
Today, Cigogne Management manages 2.6 billion euros4 through a dedicated offer designed to meet different client needs: mono-strategy or diversified AIF funds for qualified investors, thematic UCITS funds, and a global offer of structured products.
Behind these figures there is a team whose stability has become one of the firm’s hallmarks. Cigogne Management currently counts around 20 professionals5, including ten strong portfolio managers dedicated to alternative strategies. Several senior managers have been with the firm for over a decade, a continuity that is a key driver of consistency in its investment approach.
A “double expertise” built on a unique partnership
What sets Cigogne Management apart within the alternative investment landscape is its close collaboration with CIC Corporate & Institutional Banking (CIC CIB), a subsidiary of Crédit Mutuel Alliance Fédérale Group specialized in proprietary trading and investment activities, which acts as an investment advisor for Cigogne Management.
This relationship gives Cigogne Management access to substantial resources: more than 606 dedicated traders, over 306 years of experience in arbitrage operations, and a presence across five6 strategic hubs (Paris, Strasbourg, London, New York and Singapore) backed by post-trade support teams comprising more than 3506 employees.
That partnership feeds directly into Cigogne Management’s investment process, which follows three consistent steps across its entire fund range: identification of market anomalies and arbitrage opportunities by CIC CIB’s traders through proprietary models, drawing on constant dialogue with Cigogne Management’s teams; selection of strategies by Cigogne Management’s portfolio managers who independently assess each opportunity through quantitative and qualitative analysis, retaining full discretion over whether to participate; and portfolio construction through a consolidated order with CIC CIB obtaining the same entry prices as the bank itself.
This collaboration translates into “double expertise,” combining CIC CIB’s trading capabilities with Cigogne Management’s own portfolio management skills. This allows the company to offer investors shared convictions and the opportunity to benefit from investment opportunities identified through this close collaboration with a major European banking group.
Why now: volatility as opportunity
The current market backdrop, shaped by geopolitical tensions, inflationary pressures, rising government deficits and shifting monetary policy, is precisely the type of environment alternative strategies are designed for.
Uncertainty and opportunity tend to go hand in hand for alternative investments: when volatility rises, these strategies can become particularly relevant. They complement traditional asset classes by capitalising on market inefficiencies, with arbitrage opportunities emerging from geopolitical tensions, fiscal imbalances, and shifting monetary policies. In volatile environments, these price differentials can be exploited for potential gains.
Cigogne’s strategies are designed to benefit from volatility rather than suffer from it through an opportunistic approach, flexible allocation, quality bias, and the use of hedging positions.
Conclusion
Twenty years after its creation and backed by the scale and stability of a major European banking group, Cigogne Management continues to position itself as a specialist reference point for investors seeking diversifying, arbitrage-driven sources of return. Transparency, risk discipline and stability are core values, themes that align closely with the priorities of institutional allocators and distribution partners evaluating alternative managers in the current environment. In the next two articles of this series, we turn to how these principles are put into practice across the firm’s two flagship strategies. In the meantime, we invite you to visit the dedicated webpage to discover how to turn volatility into opportunity: Cigogne Management.
Main risks of the funds: market risks, interest rate risks, foreign exchange risks, credit risks, default risks, liquidity risks, counterparty risks, risks related to the use of derivatives. Full risk information is available in the prospectus of each fund.
1. M&A: Merger & Acquisitions 2. ABS / MBS: Asset Backed Security / Mortgage Backed Security. 3. CLO: Collateralized Loan Obligation. 4. Source: Groupe La Française, data as of 30/06/2026. 5. Source: Cigogne Management SA as 31/08/2026. The portfolio management team is subject to change over time, and there is no guarantee that it will remain the same for the whole life of the funds. 6. Source: CIC CIB, data as of 31/08/2026.
Disclaimer: Marketing communication. This non-contractual document does not constitute, under any circumstances, a recommendation, a solicitation of investment, or an offer to buy, sell or trade, and must not be interpreted as such under any circumstances. This investment involves risks. Before investing, all investors must read the prospectus and the key investor information document (KID) of the funds managed by Cigogne Management S.A. The Prospectus and Key Information Document (KID) and all documents are available at https://www.cigogne-management.com or on request to Groupe La Française or your distributor. All information contained in these documents is current as of the date of publication and, to the best of our knowledge, is accurate. The views expressed reflect the opinions of their authors as of the date of publication and do not constitute a contractual commitment on the part of Groupe La Française. These views are subject to change without notice, subject to the terms of the Prospectus, which alone is authoritative. Groupe La Française and Cigogne Management S.A. decline all responsibility for any alteration, distortion or falsification to which this communication may be subject. Any reproduction or modification of this document is strictly prohibited without authorization from Groupe La Française or from Cigogne Management S.A. Past performance does not guarantee future performance. Performance is not guaranteed and can evolve upwards or downwards. This communication was issued by Groupe La Française a public limited company with an executive board and a supervisory board, with a share capital of €78,836,320 – RCS Paris number 480 871 490. CMSA – CIGOGNE Management S.A., public limited company incorporated under Luxembourg law, registered to the Registre du Commerce et des Sociétés de Luxembourg under number B 101.547 Authorised by the supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF), 283, route d'Arlon, L-1150 Luxembourg. Cigogne Management is a subsidiary of Groupe La Française, the asset management holding company of Crédit Mutuel Alliance Fédérale. La Française Finance Services, investment firm approved by the ACPR under no. 18673 (www.acpr.banque-france.fr) and registered with ORIAS (www.orias.fr) under no. 13007808 on November 4, 2016.
