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Xavier Parain has an engineering degree from the ENSTA (Ecole Nationale Supérieure des Techniques Avancées) and is an alumnus of the Ecole Polytechnique. He started his career in 1996 as a quantitative analyst in the asset management branch of Lazard Frères & Cie. In 1998 he joined the investment management arm of the PRO BTP Group as a studies and development manager, where he stayed until 2000. He became a member, then Chairman of the executive board of Ecureuil Gestion FCP, the Caisse d’Epargne subsidiary specialised in structured funds. In 2006, Xavier was appointed Chairman of Merrill Lynch Invest France, Merrill Lynch’s asset management firm specialising in structured funds. In June 2010 he was appointed Director General of Fundlogic SAS, a subsidiary of the Morgan Stanley Group. He joined the Autorité des Marchés Financiers in July 2011 as Deputy Executive Director of the Asset Management Directorate.