French AM industry AUM up 5% yoy in 2015
The French asset management association AFG has published its 2015 report highlighting the industry’s assets under management rose by 5% yoy (+ €170bn) to reach a total of €3.59trn.
Assets managed through mandates are up 4% yoy and account for €1.6trn of AUM.
Also 2015 has seen net inflows of €21.6bn recorded by France-domiciled funds against outflows of €21.4bn in 2014.
Inflows have been massively in diversified funds (€14bn) and money market funds (€23bn). France-domiciled equity and fixed income funds have respectively drawn €3bn and €2.1bn in net new money.
France-domiciled real estate and venture capital funds have recorded a rise in AUM of over 10%, the AFG stressed.
France-domiciled funds’ AUM have increased by 5.2% yoy to nearly reach €1.68trn, split between alternative investment funds (€920bn, +1.4% yoy) and Ucits funds (€763bn, +14.4% yoy).
The management of funds domiciled in other countries than France exceeds €300bn, up 50% since end 2013.
The AFG says that the trend has been bolstered by asset managers being more and more to strengthen the distribution of their funds towards non-France residents. The reshuffle of fund ranges has also played a role according to the association.
The AFG estimates at over €450bn the assets managed in France for clients who do not live in the country.
The French AM industry tallied 627 companies at end 2015, having lost 7 firms compared to end 2014. The AFG explained the M&A activity, coupled to restructurings, last year has concerned 38 asset managers while 31 companies established themselves.
Within the European AM industry landscape, France is ranked third in terms of assets managed through funds with a market share of 15.8%, behind the UK (21.4%) and Germany (18.1%).
However, when including assets managed through mandates, France comes second with a market share of 20% in Europe according to Efama’s figures.
As for the domiciliation of the funds, France is ranked second for alternative investment funds (21% market share) and fourth for Ucits funds (9%) in Europe.