The French asset management association AFG has published a research focusing on the use of social media by French asset managers.
Some 45 companies, managing 56% of French asset management industry’s total AUM, have been surveyed between end August and mid September 2015.
The AFG’s research shows 75% of the asset managers interviewed include social networks in their external communications strategy. The rate of companies using them on a daily basis reaches 45%.
The firms that are not exploiting social media in their strategies highlight three reasons to that. First, they assess using social networks does not appear as a priority (56%), then they do not know how to handle social networks (44%) and they lack time to use them (22%).
LinkedIn (80%) and Twitter (48%) remain the most used tools by French asset managers. Users’ profiles are mainly CEOs/directors and sales/marketing employees. Fund managers come third.
Among goals asset managers pursue when using social networks, 43% of the firms answered they want to be directly in touch with clients whilst 40% use them to promote products and services, and 23% for recruitment purposes. One in five French asset managers use social media for prospecting.
Other figures reveal that 58% of firms questioned are monitoring social media and 36% have implemented an internal set of principles for the using of social networks.
As the asset management industry gets ever more online, 22% of the French asset managers interviewed have plans to boost their social media strategy in the coming year.
According to AFG’s figures, the French asset management industry currently posts €3.4trn of AUM.