French asset management industry opens up to UK investors – AFG/PFI
The French Asset Management Association (AFG) and the Paris Fund Industry (PFI) have met in London to outline the future of the country’s industry in a global market scenario.
France’s asset management industry has remained strong and dynamic in a challenging global environment, the AFG and PFI said during their first roundtable in London this week.
Paris has been presented as a strong Ucits basis as well as a leading AIFM center for international investors by Paul-Henri de La Porte du Theil, chairman of the AFG and founding member of the PFI.
De La Porte went through the French asset management industry’s highlights of the last years before leaving the word to director general Pierre Bollon and head of International Affairs division Stephane Janin.
According to the industry associations’ figures, France has at present more than 9,000 Alternative Investment Funds, representing some €900bn AUM.
As de La Porte also explained, among the about 600 asset management companies based in the country, more than 200 are expected to receive the AIFM license from the French securities regulator AMF by July 2014 and over 20 have already been licensed.
“Unlike other countries across Europe, we were never against the AIFMD and our business regulatory framework was actually already in line with the legislation to the point that many companies have spontaneously decided to comply,” Bollon said.
Looking at the challenges ahead for the country’s asset management industry, Bollon added that the AFG and PFI has three main objectives: encourage the long term saving market; balance the new wave of regulation with good practice; raise the industry’s profile abroad.
A longer feature on this topic will appear in InvestmentEurope‘s February issue.