The French asset management association AFG tallied 373 local asset management companies falling into the category of entrepreneurial boutiques in 2016.
Speaking to the association’s media Gestion Info, Antoine Valdes, chairman of the entrepreneurs committee at AFG, said these 373 French entrepreneurial asset management firms were managing €333bn at the end of 2016. Among them, 282 boutiques had assets under management under €500m. AUM would not exceed the €50m mark for 77 of the managers surveyed.
Valdes added that entrepreneurial asset managers form less than 10% of the French AM industry’s total assets under management but that they generate more than 30% of the local market’s revenue and around 40% of its gross operating income.
The AFG’s entrepreneurs committee chairman said he would support the action of the association’s chairman Eric Pinon, spread across three axis: the competitiveness of Paris financial place, the development of synergies between asset managers and investor education.
He also outlined priorities for entrepreneurial managers. Contacts and business links must be shared and developed between French independent boutiques.
Valdes organised the first Forum des Entrepreneurs on 17 January, aimed at gathering asset and savings management entrepreneurs and discussing key topics such as pooling resources, mergers and the specialisation of expertises.