Key Takeaways
- • Itavera AM launched a new total return credit fund and hired Benoit de Laval and Clément Bonnin, both former portfolio managers from AXA IM, with de Laval becoming head of fixed income at the boutique firm.
- • The new credit strategy will launch with over €250 million in assets under management, representing a significant acceleration of Itavera AM's growth trajectory.
- • Itavera AM targets €1 billion in assets under management by the end of 2026, its second full year of operation, up from over €500 million currently and €200 million raised in 2025.
- • De Laval previously managed AXA's €5.1 billion World Funds - Euro Credit Total Return fund, which delivered 27.2% returns over three years and ranked 11th out of 449 funds in its peer group.
- • The hires follow Itavera AM's 2024 recruitment of Rolando Grandi and Thibault Saint-Raymond from La Financière de l'Échiquier, as the firm rebranded from Hermitage Gestion Privée and positions itself as an agile alternative to larger asset managers.
Summary
Itavera Asset Management, a French boutique asset manager, is accelerating its growth strategy with the launch of a new total return credit fund and the recruitment of two senior portfolio managers from AXA Investment Managers. Benoit de Laval, CFA, and Clément Bonnin have joined the firm to develop and lead the credit strategy, with de Laval assuming the role of head of fixed income. This represents a notable talent acquisition from one of Europe's largest asset managers, particularly given de Laval's track record managing a flagship credit strategy.
De Laval's departure from AXA IM marks the loss of a proven investment talent. He previously managed the €5.1 billion AXA World Funds - Euro Credit Total Return fund, which achieved 27.2% returns over the three-year period and ranked 11th among 449 funds in Citywire's Bonds - Euro Corporates peer group. Bonnin, who managed a subordinated debt fund at AXA IM, brings complementary expertise to the new credit initiative. The dual hire signals Itavera AM's commitment to building institutional-quality fixed income capabilities at a boutique scale.
The newly launched credit fund enters the market with €250 million in assets under management, providing immediate scale and validation from institutional clients. This capital base positions the strategy competitively within the European credit landscape and reflects client confidence in the managers' transition. De Laval emphasized the appeal of the move, stating that joining Itavera AM represented "a fantastic opportunity" to work in "a more agile environment, offering greater flexibility and closer client relationships" after managing significant assets at a larger institution.
Itavera AM's growth trajectory has accelerated notably since its rebrand from Hermitage Gestion Privée. The firm currently manages over €500 million in assets, having raised €200 million during 2025. Management has established a clear target of reaching €1 billion in assets under management by the end of 2026, marking the completion of the firm's second operational year. This hiring and product launch strategy directly supports that ambitious goal. Itavera AM has been part of the Valoria Capital group since 2022; Valoria specializes in wealth management and advises on approximately €35 billion in assets, providing a supportive institutional infrastructure for the boutique's expansion efforts.
De Laval's departure from AXA IM marks the loss of a proven investment talent. He previously managed the €5.1 billion AXA World Funds - Euro Credit Total Return fund, which achieved 27.2% returns over the three-year period and ranked 11th among 449 funds in Citywire's Bonds - Euro Corporates peer group. Bonnin, who managed a subordinated debt fund at AXA IM, brings complementary expertise to the new credit initiative. The dual hire signals Itavera AM's commitment to building institutional-quality fixed income capabilities at a boutique scale.
The newly launched credit fund enters the market with €250 million in assets under management, providing immediate scale and validation from institutional clients. This capital base positions the strategy competitively within the European credit landscape and reflects client confidence in the managers' transition. De Laval emphasized the appeal of the move, stating that joining Itavera AM represented "a fantastic opportunity" to work in "a more agile environment, offering greater flexibility and closer client relationships" after managing significant assets at a larger institution.
Itavera AM's growth trajectory has accelerated notably since its rebrand from Hermitage Gestion Privée. The firm currently manages over €500 million in assets, having raised €200 million during 2025. Management has established a clear target of reaching €1 billion in assets under management by the end of 2026, marking the completion of the firm's second operational year. This hiring and product launch strategy directly supports that ambitious goal. Itavera AM has been part of the Valoria Capital group since 2022; Valoria specializes in wealth management and advises on approximately €35 billion in assets, providing a supportive institutional infrastructure for the boutique's expansion efforts.
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