The French asset management industry managed €3.76bn of assets at the end of 2016, up 4.7% year-on-year (i.e.+€168bn), according to data released by French AM association AFG.
Assets into France-domiciled funds have amounted to €1.78trn, up 5.6% yoy, split between alternative investment funds (€988bn) and OPCVM – Ucits-compliant mutual funds – (€796bn).
French OPCVM have reported inflows of 41.2bn over 2016. Net new money has been primarily in fixed income funds (+€9bn) and money market funds (+34.6bn). France-domiciled equity funds have faced outflows of €6.3bn last year.
Assets managed under mandate have risen by 3% to €1.62trn while foreign funds authorised for distribution in France had assets under management of €360bn at the end of 2016, up 80% since 2013.
The share of non-French residents’ assets has exceeded the €500bn mark, according to AMF.
Some 200 France-domiciled funds have been closed over 2016, reducing to 3,164 funds the number of French funds available at the end of last year. The number of money market funds, formula funds and equity funds has decreased by 62%, 54% and 23% since 2008 respectively, stressed AFG.
The French asset management industry has a share of 15.1% in the whole assets under management of funds registered in Europe (€14.14trn as of end-2016 according to Efama), ranking third behind the UK (19.7%) and Germany (17.4%).
France ranks second with a share of 20% when funds and mandates’ AUM are aggregated.
In terms of fund domiciliation, France remains second for alternative investment funds (18% market share in Europe) while it ranks fourth as for Ucits-compliant mutual funds (9.2% market share).