Bruno Veillet-Lavallee from Amundi is our Fund Selector of the Month

Bruno started his career in the banking sector in 1987, moving soon to the asset management industry in 1992 where he worked for Société Générale Asset Management holding several positions as product and wealth manager, multi-asset portfolio manager, fund analyst and becoming Head of Fund Selection in 2008. From 2010 Bruno has been in charge of fund selection and analysis of European and Global equity strategies for the Amundi group and is Head of Multi-Management investment solutions and Fund Analyst from 2013, managing external investment solutions and fiduciary portfolios, as relationship manager for Amundi portfolio managers and fund selector on Eurozone Equity strategies. Bruno holds a degree in finance from EDHEC Business School.

When and how did you enter the financial sector, and did you have another vocation?

I started my career in the banking sector, but at the beginning, it was not related to financial markets. In 1992, after a few years, I had the opportunity to start working in the asset management sector, at that time in marketing, and since then I have continued to work in this sector. In 1999 I moved from a support function to a position closer to investment services, and then I developed various positions always linked to portfolio management.

Although I appreciate reading, literature was not my main skill at school. I have always been attracted to economics first and finance and portfolio management second. I graduated from Edhec Business School with a degree in finance.

What do you like most about your job and what do you like least?

I have always been passionate about talking to portfolio managers; they are very talented people who tend to have a wide range of interests and knowledge; they are forward-looking and you can have brilliant conversations when you meet them.

On the other hand, one of the less attractive aspects is probably related to hard-selling techniques; when they push a product that you may not be interested in. But, to be honest, most sales teams in this sector are very professional and attentive to your needs.

What aspects do you consider most important when selecting a fund for a portfolio?

When considering a fund, let's assume that the performance elements have been checked and that it is attractive relative to its peers. Then the key elements and questions to understand about the product are: How does it work? How can I use it? Is it consistent? When these elements are documented, you can start to think about the use of the fund and where it will fit in your selection or portfolio.

What aspects do you consider most important when selecting a fund for a portfolio?

When considering a fund, once the performance elements have been tested and are attractive relative to their peers, then the key elements and questions to understand about the product are: how does it work, how can I use it, is it consistent, how does it work, how can I use it, and is it consistent? Once these elements are documented, you can begin to think about their use and where they will fit into your selection or portfolio.

When it comes to selecting sustainable funds, how has your work as a selector changed in recent years?

I was already working in the industry when this started 20 years ago, but at that time the extra-financial approach was separate from the financial approach, and most of the time it was based on somewhat naïve approaches. In recent years, the concern for ESG criteria has grown considerably from clients and institutions, of course. But the dynamic has also come from portfolio managers and asset management firms, which have considerably developed their engagement; processes are much better integrated; and the real impact is increasingly taken into account in portfolios, both in terms of risk management and financial opportunities. As a result, ESG assessment is now part of our due diligence and we are supported by dedicated teams to document the SRI approach also at the company level. We have improved our ESG expertise and have a full spectrum, ranging from exclusions to engagement and voting or thematic investments.

In conclusion, responsible investment has not changed our work so much as it has made it more comprehensive and precise.

What is your favorite thing to do in your free time?

My two main hobbies are skiing and motorcycling. Skiing is part of my life, as I had the opportunity to live in Val d'Isère (France) for part of my childhood. Now I'm still competing in competitions in the masters category (the seniors…). And I belong to the Fédération Française de Ski, where I coordinate the corporate clubs at the French level. Motorbikes come second. I love riding motorbikes and I also like to ride in my spare time with my wife, discovering new places in France by bike, of which there are many (something we don't do during the winter, as I ski as much as possible!)