Conseq Finance, a.s.
...a couple of words about the company's beginnings
Conseq Finance was founded in 1994 as a securities trader. In autumn of the same year, the Ministry of Finance of the Czech Republic granted the company a licence for this business. The company started running its business actively in the spring of 1995, and apart from its registered capital amounting to CZK 300,000, it possessed only the courage, capabilities and enthusiasm of its founders – Jan Vedral, Aurelian Teppervien and Jiří Kaňák – who were significantly supported by a fourth partner – Tomáš Sysel, at the end of the year. In its beginnings the company specialized in the trading of fixed income securities. Immediately after the first year of business, it was ranked among the leading securities traders on the Czech market in this area.
In 1996, Conseq Finance entered the Prague Stock Exchange, acquired a foreign exchange licence and became a member of a prestigious group of direct participants in government bond auctions.
In subsequent years, Conseq Finance extended the scope of its activities to trading in treasury stocks, corporate finance and, especially, the administration of individual portfolios, as well as the management and distribution of mutual funds, which the company later transferred to its subsidiary company Conseq Investment Management, a.s. In terms of turnover from securities transactions, Conseq Finance became the biggest non-banking trader in securities in the Czech Republic in 1997 and retained this status until the end of 2002, when it suppressed its brokerage business.
Conseq Investment Management, a.s.
...the birth of an independent investment manager
Growth in the importance of investment management services within Conseq Finance, along with the need to separate this area from other business activities within the company, resulted in a decision, in late 2000, to incorporate a wholly owned subsidiary specializing only in investment management. Therefore, in November 2000, the sole shareholder – the company Conseq Finance – incorporated Conseq Investment Management, a.s. into the business. Additionally, at the beginning of the next year, after acquiring the relevant licence, all the preceding activities of Conseq Finance in the area of individual portfolio management were transferred to the subsidiary (including the working team managed by the director Hana Blovská). In 2001 and 2002, Conseq Investment Management focused on acquiring new clients and completing its administrative facilities (information system, risk management system, internal procedure, reporting, etc.). During this period the volume of managed assets doubled, firmly anchoring the company among the most significant investment management companies in the Czech Republic. 2003 was another important year for the company. It took over the management of Conseq Invest PLC funds from Conseq Finance and extended its business activities to include the distribution of the mutual fund certificates of investment funds – not only the Conseq Invest funds, but also the funds of its business partners BNP Paribas Asset Management (Parvest funds) and Franklin Templeton Investments. In building up distribution channels, Conseq Investment Management took over activities which had been carried out by its parent company Conseq Finance until the end of 2003.
Apart from these business changes, there were also significant changes in the shareholding structure and management of the company in 2003:
- In January 2003 Hana Blovská exercised an option to purchase 20% of shares in Conseq Investment Management and became a 20% shareholder of the company in March.
- During the year the Conseq Finance shareholders also agreed to repurchase from Conseq Finance the remaining 80% of shares of Conseq Investment Management at the same ratio at which they were contributing to the capital and voting rights of Conseq Finance at that time. This transaction was implemented in December of 2003.
- The working team of Conseq Investment Management was strengthened by Jan Vedral (one of the founders and the long-time Chairman of the Board and CEO of Conseq Finance), who assumed the position of main investment manager and Chairman of the Board.
Conseq Investment Management is currently a strong part of the capital market in the Czech Republic. By volume of assets managed, the company ranks among the top investment managers within the Czech Republic.
The satisfaction of clients, which mainly comprise domestic institutional investors, domestic industrial companies and, to a smaller extent, municipalities, as well as a significant group of private clients, is guaranteed by a stabilized and high quality team of professionals.