François Marion served as CEO of CACEIS from its creation in 2005 until 2016, before handing over to Jean-François Abadie, who led the Group until 2023. To mark CACEIS's 20th anniversary, we asked them to share their memories of the key moments from their respective terms, the challenges they faced, and a few anecdotes and words of advice.
What were the key moments or strategic decisions that contributed most to CACEIS's growth over the past 20 years?
François Marion: Without a doubt, the decision to transform from a simple collection of operational services into a truly global business, capable of owning its assets and managing its operating account. We also made the strategic choice to manage market operations for our clients internally, as well as the balance sheet - both assets and liabilities - instead of outsourcing this activity, despite significant pressure to do the opposite. Finally, the launch of CACEIS's international development was a major turning point, as it greatly strengthened our credibility with clients and the market in general.
Jean-François Abadie: A key moment was successfully convincing the Crédit Agricole and Santander groups to join forces, positioning CACEIS as a major market consolidator. The operation was complex, but it profoundly transformed CACEIS's image among our clients, our teams, and even our competitors. Additionally, the acquisition of RBC's European asset servicing activities was another decisive step. It propelled CACEIS into the English-speaking market, where we had previously been perceived as a marginal player, even though it represents a large part of the industry.
What were the biggest challenges you faced during your term?
François Marion: One of the biggest challenges was creating a unified, supportive, and motivated team from people with different professional backgrounds and very diverse cultures. We also had to navigate major economic crises, notably the 2008 financial crisis and the Euro crisis between 2010 and 2012, with all the consequences that followed. We also learned to celebrate our victories with humility and to handle setbacks with clarity, never losing sight of the long-term goal: the development and sustainability of the Group.
Jean-François Abadie: For me, a major challenge was convincing the Crédit Agricole Group that CACEIS could not only be an asset to its image but also a significant contributor to its overall results - though it only needed a little convincing.
Then, of course, there was the COVID crisis, which we weathered without any damage thanks to the exceptional commitment and adaptability of our teams. We should also mention Joe Saliba's foresight in doubling the bandwidth for remote working a month before the crisis, a strategic move that allowed us to continue operating smoothly.
Finally, keeping costs under control during the initial expansion phase was a major challenge. It put considerable pressure on the teams, but it was essential for maintaining our shareholders' confidence and ensuring CACEIS's growth momentum.
What have you personally gained from your years at CACEIS and your experience as CEO?
François Marion: I feel a great deal of pride and joy at having been so strongly supported by the motivated teams at CACEIS, who were key to the success of this ambitious project, which was by no means a foregone conclusion. There was also a lot of stress because, at the time, our business was still poorly understood and perceived by shareholders, which led to a certain loneliness, especially when making difficult strategic decisions.
Jean-François Abadie: My years at CACEIS are among the three happiest periods of my professional life, alongside my experiences in Spain and Luxembourg. Working with such highly skilled experts, who taught me a profession I knew little about, and collaborating with a management team united by a collective desire for progress was incredibly enriching. There was also the opportunity to pass the torch to Jean-Pierre Michalowski with great prospects for the future, which was extremely rewarding.
Looking back, is there a lesson or piece of advice you would like to pass on to the new generation of leaders for the next 20 years?
François Marion: I am convinced that the new generation of leaders will be extremely competent and won't necessarily need advice from their elders to continue to excel. They will know how to retain clients, ensure the well-being of their employees, and keep a close eye on costs.
Jean-François Abadie: I think that at CACEIS, as elsewhere, there are several management styles that can complement each other and contribute to the company's success. So the only advice I would venture to give is this: be yourself! It is by being authentic that you will inspire your employees and earn their trust.
