Jean-Philippe Pourcelot

BAK Economics AG (BAK) is an independent economic research firm headquartered in Basel, Switzerland. The firm was founded by Peter Pfister in 1980 as a spin-off from the University of Basel. BAK prepares comprehensive economic commissioned studies and makes the findings usable for politics, economy and society. Macroeconomic, regional and industry-specific questions on an empirical and quantitative basis are the focus of their analyzes. This includes macroeconomic forecasts and scenarios, regional analyzes and industry studies, impact analyzes (economic footprint) and studies in the field of public finances. The firm also measures regional location quality and competitiveness (BAK Regional Economic Database) and creates well-founded strategic action bases on the basis of international benchmarking analyze.

AXA Investment Managers (Paris) SA (Research Firm) (AXA IM Paris-Research) is the investment research division of AXA Investment Managers (Paris) SA, a wealth management firm headquartered in Puteaux, France. The firm is a subsidiary of AXA Investment Managers SA, which is owned by AXA SA (EPA: CS, ADR: AXAHY). Founded in 1990, AXA IM Paris-Research provides in-depth research both at a macroeconomic level as well as across their range of investment platforms.