Investment Managers
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The Sienna Investment Managers Group would like to draw your attention to the risk of identity usurpation by fraudsters inciting individual investors to invest in fraudulent financial investments. The companies of the Sienna Investment Managers Group do not approach individual investors directly and therefore we ask you to exercise the utmost vigilance by not responding to any investment solicitations via e-mail, telephone calls or social networking/instant messaging. If you have made a payment to a scammer, contact your bank immediately to block the transfer or request the return of the funds paid. You can report these practices via the government website: www.internet-signalement.gouv.fr
Sienna IM’s Hephaestus investment strategy could play a key role in helping European SMEs and mid-caps become more resilient and scalable. It’s a very credible alternative that is not yet used much at the moment – a real opportunity.
Could you give us an overview of GICAT and its role in the French defence industry?
GICAT plays a central role within the French Defence Industry Council (CIDEF), which comprises three main branches: GIFAS, representing the aeronautics and space sector, with 70% of activities in the field of civil aviation and 30% in defence; GICAN, covering the naval and maritime sectors (60% of its commitment is geared towards defence); and finally, GICAT, entirely dedicated to defence and security, which includes land and air-land operations. GICAT represents around 8.9 billion in revenue from 400 companies, including 70 start-ups, and supports around 50,000 direct and indirect jobs.
SMEs make up 78% of our membership and we focus our efforts on four key areas to support them: first, providing direct assistance to SMEs; second, promoting stronger relations between the main contractors and these companies; third, improving digital resilience; and finally, promoting improvements to their industrial performance with the support of the main contractors.
What are the main challenges facing the European land defence industry today?
On the one hand, the French armed forces must be provided with cutting-edge technologies to guarantee operational superiority; on the other hand, it has to face competition from emerging defense industries from countries such as Turkey, China, and South Korea, which have made considerable progress in terms of quality and efficiency. Therefore, it is essential to ensure that our sector remains competitive, especially as it is highly dependent on exports.
What is the importance of exports for the economic model of the French defence industry?
Exports are essential for the French defence industry, which is the world’s second largest exporter in the sector. Despite recent increases in the defence budget, internal spending alone cannot support the growth of the sector or research and development efforts. Exporting allows the industry to increase production, reduce unit costs, and maintain global competitiveness. Like many of our European neighbours, the French defence sector is highly dependent on international markets. This dependence pushes France to commit to guaranteeing a strong European identity in terms of defense, while seeking to expand its markets in strategic regions such as Europe, the Middle East, and Southeast Asia. The government supports these export efforts, which in turn strengthen France’s defense capabilities.
Poland recently bought 1000 tanks from South Korea; how do you explain this choice?
In July 2022, Poland’s decision to purchase, among other equipment, 1000 tanks and 670 howitzers from South Korea underlines the importance of responsiveness. Korea’s established presence in Poland and scalable production capacity allowed it to deliver 180 tanks between 2022 and 2025 and start licensed production in Poland for much of the equipment ordered, a capacity that France or Germany could not match in the short term. The situation highlights the value of proactive partnerships, agile and massive production, and scalable infrastructure; for Europe, the conclusion is clear: a strong defense strategy requires flexible capabilities and strong customer relationships that enable rapid responses, transforming lead times from years to months or weeks.
What has been the impact of the war in Ukraine on the European defence industry?
The conflict in Ukraine has had a substantial impact on the entire sector. Although we are not officially in a war economy (with spending below 2% of GDP in 2024), the industry has certainly been mobilised. There has been a collective awareness among the military, government, industry, and the public of the need to be prepared.