William Higgons is president of Stanwahr, the management company of the lndépendance et Expansion SICAV. He has been managing this fund since 1992 without interruption and has one of the industry's longest track records. He runs a value strategy in the French small and mid-cap equity sector with a strong emphasis on low price cash flow and high return on capital employed. Born in France in 1953, he began his career in finance at Banque lndosuez in 1977, before holding positions in finance at Total, BAII Group, Rhône-Poulenc and International Bankers.