John Locke Investments (JLI) is an independent alternative asset management company serving the needs of a wide range of international clients.

Based in Paris (Champs-Elysées) and Fontainebleau, France, our team is dedicated to the task of delivering consistently high risk-adjusted returns across a full spectrum of asset classes and markets. Through our in-house team of researchers, we have been able to develop a range of strategies that are at the leading edge of investment technology. Our products are designed to be complementary to the returns of a traditional portfolio, while seeking to reduce the risk posed by the volatility of the international asset markets. We believe that it is our commitment to research that has allowed us to maintain our position at the forefront amongst the world's premier investment managers over the past 14 years. Our policy is to recruit only the finest available investment researchers and analysts. A testament to our success is the client base that we have built up since our inception in 2001. Indeed, we are happy to count some of the world's largest financial institutions amongst our relationships. We fully recognise that our success is dependent on our choice of business partners and seek to initiate long-term alliances that benefit all parties John Locke Investment's track record is one of continued performance and innovation and our ongoing research and development has ensured that we remain leaders of our chosen field. We fully expect to continue down the path of excellence that we have set for ourselves, and look forward to sharing this excellence with our clients and other business partners.

Transparency and security are also key factors for us and to this end we provide all clients with a high level of transparency with regard to our investment process and position reporting. All investment vehicles offered by John Locke Investments provide for daily liquidity.

At John Locke Investments we offer our investment strategies in the following vehicles:

  • UCITS, Onshore & Offshore funds
  • Private-label funds
  • Managed accounts

JLI is regulated by the A.M.F (Autorité des Marchés Financiers), is registered with the Commodity Futures Trading Commission (CFTC) as a Commodity Trading Advisor (CTA) and as a Commodity Pool Operator (CPO) and is a member of the National Futures Association (NFA).


  • 2000

    2000 / 2001

    The French regulated Systematic program is launched by François Bonnin at ING with $1million. John Locke Investments is created by François Bonnin, as an advisor to the Systematic program.

  • 2004


    John Locke Investments becomes a fully licensed asset management company regulated by AMF, specialized in managed futures.

  • 2005

    2005 / 2006

    Cyril Finance is acquired by Oddo, which then becomes a 34% shareholder in John Locke Investments.
    The Cyril Systematic USD Fund is launched (Cayman based, listed in Dublin).
    Marc Botter joins John Locke Investments as a partner. He brings the High Frequency program, which he has been managing since 2004.

  • 2007


    The founding partners along with AMS Incubation (fully owned by BNP Paribas Investments Partners) buy the 34% from Oddo. John Locke Investments is now held 82% by founding partners, 15% by AMS Incubation and 3% by private investors.
    The JL Commodity Long Flat is launched.

  • 2008

    2008 / 2009

    The assets under management of John Locke Investments exceed 200M EUR and the team reached 20 employees.

  • 2010

    2010 /2011

    Launch of a new UCITS fund : JL Equity Market Neutral, a systematic beta neutral fund on European and US equities.

    The Cyril Systematic fund becomes UCITS.

  • 2013


    BNP Paribas Investments Partners sold it’s 15% on JLo TO SMA-BTP Group.
    Launch of the marketing and sales of the JL Equity Market Neutral fund.

  • 2015


    The assets under management of the JL Equity Market Neutral exceeds €200million.

  • 2016


    Complete implementation of a universe of 100 composite markets within our Cyril Systematic Fund.

    Launch of a new UCITS fund: JL Smart Equity, a systematic “Long Only” fund on European equities.

  • 2017


    The assets under management of the JL Equity Market Neutral exceeds €280million.

    Cyril Systematic wins the « CTA Intelligence » price: « Best Managed Futures UCITS Fund (under 100M€) ».

  • 2019


    Change of investment strategy for our JL Taux Court Terme Fund to a L/S Bonds Systematic Fund.

  • 2020


    The assets under management of the Cyril Systematic Fund exceeds €50million.


John Locke (29 August 1632 – 28 October 1704) was an English philosopher and physician, widely regarded as one of the most influential of Enlightenment thinkers and commonly known as the "Father of Liberalism". Considered one of the first of the British empiricists, following the tradition of Sir Francis Bacon, he is equally important to social contract theory. His work greatly affected the development of epistemology and political philosophy. His writings influenced Voltaire and Jean-Jacques Rousseau, many Scottish Enlightenment thinkers, as well as the American revolutionaries. His contributions to classical republicanism and liberal theory are reflected in the United States Declaration of Independence.

  • A Letter Concerning Toleration - 1689
  • Two Treatises of Government – London, 1690
  • An Essay Concerning Human Understanding – London, 1689

Management team

François Bonnin

François Bonnin

François Bonnin is the CEO and Founding Partner of John Locke Investments SA. Prior to creating John Locke Investments, Mr. Bonnin was in charge of Research and Alternative Investments at ING France from September 1998 to June 2001. Between March 1992 and September 1998, Mr. Bonnin was Managing Director and Founding Partner of CAP STARDEX SA, a French AMF regulated asset management company, specialising in alternative systematic strategies. From September 1989 to March 1992, Mr. Bonnin was a director of the convertible bonds trading desk at RAFE SA. Mr. Bonnin graduated from the Institut Superieur de Gestion in 1986.

Marc Botter

Marc Botter

Marc Botter is a specialist in high frequency futures trading and has 20 years experience in finance. He started his career in 1987 as a risk manager for the MATIF before joining C.P.R. (Crédit Agricole group) in 1992 as the Head of Government Bonds and Fixed-income Arbitrage. In 1999 he was appointed Deputy Head of the Government Bonds and Prop-trading department of CDC-IXIS. He then founded QuantAM in 2002, a French regulated alternative investment firm, and successfully managed a systematic high frequency CTA program. Mr. Botter joined John Locke Investments as partner and Fund manager in 2006. In 1986 Mr. Botter graduated from Ecole Centrale de Paris and earned an MS in Physics.