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Last October, the French financial magazine Mieux Vivre Votre Argent announced the results of its 8th annual competition for the best-performing Sicav (mutual fund) of the year. The winner, with a return of 18.4%, was State Street Banque, a subsidiary of Boston's State Street Bank and Trust. The Paris-based bank is headed by Monique Bourven, its founder, president and directeur general.
Monique Bourven studied at the Sorbonne, went on to do an MA in Roman history before enrolling in the prestigious Ecole Politique, Section Economique et Financiere. She joined Credit Agricole when she graduated in 1969, just as the bank was getting involved in investment management products. She rose to become the deputy general manager, before leaving in 1991 to found State Street Banque.
What did it mean to win the award?
We're in a much better position to build a real market share than others with a new asset management product. It will take others time to create the necessary quantitative equity database, or else to establish a joint venture with US fund managers who may have such a database.
What did you do at Credit Agricole?
I joined as a financial analyst and in 1977 switched to asset management, where I helped develop and run Segespar-Titre, managing some Ffr300 billion. I was in charge of capital markets, including treasury functions, asset management and later on the international department.
Why did you quit?
I left with three days notice because we couldn't agree on the direction the bank should take. Soon I had the choice to join my old rivals -- Credit Lyonnais, Banque Nationale de Paris, Caisse des Depot et Consignations -- with the same job at the same level. But by then I was fed up with the whole idea of large groups.
So why on earth go to State Street?
It had perhaps the best quantitative database in the world. France is ready for quantitative management, so it was the best place for me to go.
But why a bank -- why not a fund management firm? And how much autonomy do you have?
A bank implies longevity. Although we make use of more than 15 years of quantitative asset management gathered by Boston, all our staff is French and...