Independent asset manager · Paris 9e · Since 2011
Five funds.
One house in Paris.
Fifteen people on six floors run, check and settle five UCITS funds. Every figure we publish carries its date.
Five funds, dated.
Each fund is run by the people who own the firm, checked by people who don’t run it, and valued every evening at 18:00.
Past performance is not a reliable indicator of future results. Share class I EUR Acc, net of fees, in euros. Source: Mansard Asset Management.
At the door · 14 rue des Combles
Fifteen people, six floors.
A fund is only as sound as the people who check it. This is who does what in the house, floor by floor, from the committee under the roof to the door on the street.
Under the roof · Investment committee
Every morning at 08:30, the four portfolio managers meet under the roof with the Chief Executive.
Every buy and every sell is minuted, with the reason and the names of who agreed.
4th floor · Portfolio management & research
Four portfolio managers and two analysts.
Each fund has a named manager and a named deputy. Every company we own has been met by the team.
3rd floor · Control
Compliance and risk report to the board, not to the CIO.
They check every order before it leaves and every NAV after it is struck. They can stop a trade, and they have.
2nd floor · Middle office
Every order checked before it leaves.
Every NAV struck at 18:00 with the fund administrator, and checked line by line before it is published.
1st floor · Back office
Cash and positions, reconciled every day.
Settlements are tracked with the depositary and the brokers to the last cent, and subscriptions handled with the transfer agent.
Entresol · Leadership
The two founders run the firm and sit on every committee.
Neither manages a fund alone. The back office reports to the COO, not to the people who trade.
Ground floor · Investor relations
One door, one person you can call.
Olivia answers within a working day, in English or in French.
What happens before 19:30.
A NAV is not a number someone types. It is the end of a day that runs through four floors, with two independent checks and a reconciliation before you see it.
The NAV has been late once since 2011, by twelve minutes. It has been corrected once, in 2019, by 0.02%, and every investor was told the same evening.
Investment committee · Standing rules
Adopted 2011 · Last reviewed Sep 2026
Ring the right floor.
Investors, advisers, platforms and journalists: tell us who you are and the right person answers, usually the same day.
14 rue des Combles, 75009 Paris