French market regulator AMF has reported 630 asset management companies were authorised in France as of 31 December 2016 against 627 as at end-2015.
Some 35 firms have been launched whereas 32 have seen their agreement withdrawn. AMF has said that these withdrawals show a huge movement towards consolidation in the French asset management industry.
AMF added that post-financial crisis environment has had little impact last year on the shutdown of the companies compared to 2015.
The French market regulator explained that around 60% of asset management companies’ withdrawals in 2016 were due to mergers between firms and internal restructuring.
Entrepreneurial boutiques accounted for 60% of the investment firms authorised in France last year. AMF has found out 48.5% of the companies having received its green light were involved in venture capital while firms focused on real estate and securitisation formed 34% and less than 6% of the new entrants in the market respectively.
Some 8.5% of the managers established and authorised last year are focused on traditional asset classes.
The list includes AUM Invest, Graphene Investments and Salamandre AM established in December 2016 by Camille Barbier and Sébastien Grasset, former chief investment officer and chief executive officer at Ecofi Gestion.