Société Financière de l’Arno (SFA) was created in 2004 as a single-family office by the shareholders of Club Français du Livre (a French publisher founded in 1946) who chose Belgium as their common base. SFA’s investment activities were originally run by Alain Aubry who had successfully led the expansion of the publishing activities of the Club Français du Livre into a membership model “Le Grand Livre du Mois” and “Encyclopaeadia Universalis” which published top-of-the line French language encyclopaedias, first in volumes, and, from the 1990’s in electronic format.