Nicolas Delhay
Founder & CEO — Synapses Partners LinkedIn
Nicolas Delhay left the Amundi group in 2026, fifteen years after joining it, to found Synapses Partners, an independent firm providing analysis and support to issuers and investors in managing their cash.
After a degree in private law from the University of Nice, he graduated from SKEMA Business School. He began his career in 2002 at Crédit Agricole Indosuez (now CA-CIB), trading commercial paper and then sovereign repo as a French Treasury repo specialist (SPVT), before joining the primary dealer (SVT) desk, where he traded two- to five-year government bonds. After consulting assignments at CSC on setting up securities lending and borrowing businesses and on collateral management with various custodians, he moved into portfolio management in 2007 at Groupama Asset Management. As co-manager of Groupama Entreprises, Groupama Monétaire and dedicated SRI funds, he developed cash reinvestment and grew the repo business from €1 billion to €7 billion.
He joined the Amundi group in 2011 at Société Générale Gestion as a senior money market portfolio manager, co-managing SG Monétaire Plus (€19 billion) and SG Cash Euro (€5 billion), which was named “Best AAA offshore fund” three years running, from 2011 to 2013. In 2014, he took over Amundi’s advisory business for LCL Banque Privée, designing the multi-asset portfolio construction processes and risk indicators on which the bank’s investment management relies, while also managing several funds of funds — LCL Multi-Stratégies Court Terme, LCL Obligations Diversification and LCL Actions Diversification.
Seeking to broaden his expertise, he joined Amundi Technology in 2018, where he was responsible for developing the third-party execution offering with Amundi Intermédiation and the ALTO portfolio management platform. From 2020 to 2024, he worked as a structurer in the international structuring team, designing €STR-linked funds with a 100% capital guarantee, structured through total return swaps (TRS) and repo, for Italian and Spanish banking networks: nearly 30 funds launched in eighteen months, raising around €12 billion.
In 2024, he joined BFT Investment Managers, another group subsidiary, as co-manager of BFT Aureus ISR, a standard money market fund with ESG constraints (€30 billion), and BFT Monétaire CT ISR Climat, a short-term fund with a carbon budget (€3 billion). Beyond the work with his co-manager and the sales teams, what struck him most was the loyalty of clients and the transparency of his exchanges with them: “Alongside managing the funds, I took great pleasure in helping clients make sense of market conditions and in having rich, structured discussions with them.”
Committed to passing on his knowledge, he lectures occasionally on several master’s programmes, at Université Paris-Dauphine (building CPPI strategies in Python) and at Paris 1 Panthéon-Sorbonne (the money market: instruments and their management).
With Synapses Partners, Nicolas Delhay puts his experience in trading, portfolio management, advisory, structuring and technology at the service of corporates, institutional investors and asset managers. To do so, he relies on Polaris Market, the platform he created, which provides clear, reliable and unbiased information on the euro money market and gives his clients a complete view of their investment environment. “I created an independent firm and a technology platform so that data would enrich the advice we give our clients. I wish I had had it when I was a fund manager myself.”
