Alain LECLAIR, Chairman, Emergence - Paris EUROPLACE

18 Pages·2013·1.57 MB·English

THE NEW GENERATION OF FRENCH
ENTREPRENEURIAL ASSET MANAGERS
Alain LECLAIR, Chairman of EMERGENCE
Paris Europlace Financial Forum
July 10 &11 2013, Paris
THEFRENCHEMERGING
ASSETMANAGER
SEEDINGPLATFORM
Paris
Paris Europlace Financial Forum
July 10&11, 2013
EUROPE : FIELD OF OPPORTUNITIES FOR
ASSET MANAGERS & NEW INITIATIVES
 The leading world GDP zone of 12,900 bn Euros (500 million
inhabitants)
 Over 9 trillion Euros of assets of investment funds(equivalent
to the US size)
BillionEuros
(Dec.31,2012)
4217
Source:IIFA
 Cross border investments favoured by the Euro (1999)
UCITS : worldwide leading regulated investment fund
 Safe regulatory framework
• Strong European regulatory convergence for financial markets
and asset management (MIF, UCITS, AIFM, EMIR, etc.)
Paris
Paris Europlace Financial Forum
July 10&11, 2013 2
THE ONGOING SHIFT IN THE FINANCING OF
THE EUROPEAN ECONOMY CREATES AN
INCREASED ROLE FOR ASSET MANAGERS
 Rebalancing of banking to the benefit of market and
alternative financings, consequences of Basel III and Solvency
II
Breakdown of the European Economy financing Breakdown of the American
Economy financing
Today In 5 years
?
Bank financing Market financing
Paris
Paris Europlace Financial Forum
July 10&11, 2013 3
FRANCE: THE LEADING CENTER FOR FUND
MANAGERS
 1st in Europe and 2nd in the world, after the USA
Funds Managers’ centers in Europe
9,000 bn € at end – December 2012
AssetsdomiciliatedinLuxemburgandIrlandreallocated Source:EFAMA,
topromoter’scountryoforigin–AFGestimates AFG,CSSF,IFIA
 2nd in Europe (18%) and 3rd worldwide for funds domiciliation
Paris
Paris Europlace Financial Forum
July 10&11, 2013
DYNAMICS OF THE PARIS FUND INDUSTRY
 2,900+ billion euros A growing numberof management companies in France
under management
• + 53 % in 10 years
 600 Paris-based
asset managers
• +50% in10 years
 200 new managers
over the last 5 years
Source:AMF
 4 global asset managers among the top 20 global ranking
 Strong foreign customers basis : 71 % of Paris-based asset
management companies have foreign customers
Paris
Paris Europlace Financial Forum
July 10&11, 2013
STRENGTHS OF THE PARIS FUND INDUSTRY
 International recognition of the French managers’ very high
level of professional expertise
• Diaspora of French professionals to London, Chicago, Boston, Shanghai,
Middle East institutions
• Top education and research of French Universities and Business Schools,
especially in the quantitative area
 Laboratory of asset Management innovation and technology:
quant, risk intelligence, insurance, product structuration,
derivatives
 Smart regulation (AMF) focused on investor protection, risk
management, conflict of interest
 Pervasive culture of risk
 State of the art technological support and securities services
part of a comprehensive asset management value chain
Paris
Paris Europlace Financial Forum
July 10&11, 2013 6
STRONG ENTREPRENEURIAL DYNAMICS IN
FRENCH BOUTIQUES
 European champion for entrepreneurial Asset Management
Companies (400+)
• France is the only financial place in Euro-zone with a large number of
independent Asset Management Boutiques
 A new generation of entrepreneurs
• Enlarged scope of assets and techniques
• Experienced professional spinning off of private banking, family offices,
investment banking, insurance groups, corporates, capital market structures
to launch their own entrepreneurial asset management company
 Major successes over the past 10 years:
• Carmingnac, CFM, Comgest, TOBAM, Financière de l’Echiquier, La Française
AM, Mandarine, etc.
Over 200 French applications to the major incubators in the
past two years
Paris
Paris Europlace Financial Forum
July 10&11, 2013 7
EMERGENCE ABSOLUTE PERFORMANCE
 The French Emerging Asset Management Seeding Fund
Sponsored by Paris EUROPLACE
 Created in 2012 with initial 150 mn € asset under
management
 9 major French and European institutional investors
 Keys of success :
• Innovative investors governance (Investment Committee)
• Fee-sharing
• Detector of new talents
• Efficient screening tool for investors
Paris
Paris Europlace Financial Forum
July 10&11, 2013 8
EMERGENCE: THE SUBFUNDS
 1st subfund « Absolute Performance »
 Seeding investment advisor: NewAlpha AM
• Eiffel Investment Group - Eiffel Credit Opportunities:European credit long/short
• Bernheim Dreyfus – Diva Synergies UCITS: event driven
• KeyQuant – KeyTrends UCITS: managed futures
• Rcube – Rcube Global Macro UCITS: global macro
• 1 additional under review:
long/short equity…?
 2st subfund « Long Equity »
 Nominated seeding investment advisor: NewAlpha AM – NExT AM
• Orientation: Equity and equity linked
• Early stage asset manager applications: starting July 2013
• Institutional fund raising: starting July 2013 through year-end
• Selection: by the Investment Committee designated by the Emergence Board of
Directors
Paris
Paris Europlace Financial Forum
July 10&11, 2013 9
MORNINGSTAR
Emerging Managers : A Key Trend in France & Europe
Post-Lehman crisis
• Difficult period for the industry
New generation & Key people leaving
Regulation
• Passport for Funds and Companies (UCITS, AIFM…)
Retail Banks / Open architecture model
Digitalization, Mobile, Smartphone, Social Network :
• From B-to-C to C-to-B
Competition by Cross-Border Players (BlackRock, Pimco…)
Barbellization of the Industry : LowCost / Premium
The Power of the Brand
Banking disintermediation and the transfer to the Asset
Management
• Crucial role in financing the real economy in the future
A new eco-system
• Institutional Investors, Individual Investors, Academics, Asset Managers…
Paris
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