Among the 15 players managing more than 50 billion euros in assets, eleven saw their outstandings increase between January and June.
The large French asset managers have, on the whole, benefited from a positive commercial dynamic in the first half of the year. Among the 15 players managing more than 50 billion euros in assets, eleven saw their outstandings increase between January and June. A positive signal, as the markets have become more uncertain and individual and institutional investors are showing themselves to be more selective. However, they will have to transform the test in the second semester. The turbulence, which affected part of emerging markets this summer, is likely to leave its mark.
The classification of Les Echos, based on figures communicated by the companies, highlights the dynamism of CM-CIC AM’s fundraising (+ 6 billion euros to 69 billion) and La Française (+5.5 to 70 , 5 billion), respectively in the 11th and 12th places. The two companies post the two strongest relative increases in outstandings.
Otherwise, in the first half of the year, the podium remains unchanged with Amundi in the lead (1.466 billion euros), which still benefits from its international presence and in particular in Asia. Natixis IM (846 billion), whose outstandings had slightly decreased in 2017, raised the bar, thanks to its subsidiaries H2O and Harris. In third place, Axa IM collected 13 billion euros in the first half of the year. Most of this fundraising corresponds to the financing of the acquisition of the XL group (monetary funds). Net inflows on behalf of third parties reached 4 billion euros.
The fourth and fifth French asset managers are in the red in the first half of the year. BNP Paribas Asset Management saw its outstandings drop from 569 to 560 billion euros. A decrease which can be explained by the “re-internalization of the management of its mandates by an institutional client”, indicates the company. In all, BNPP AM collected 5.6 billion euros in the first half and suffered an outflow of 7.9 billion in the second quarter. In the Natixis galaxy, Ostrum AM (formerly Natixis AM) is also showing a decline in its assets under management, but the figures are biased by a change in scope. At the end of December 2017, Natixis AM’s 324 billion euros outstandings included those of Ostrum and Seeyond. As the latter was made a subsidiary, assets under management at June 30, 2018 (€ 316 billion) correspond solely to Ostrum.
Assets managed by Carmignac, France’s 15th largest asset manager, continue to erode, to 55 billion euros as of June 30. Started in 2013 – with the exception of a positive year in 2015 – the outflow from Carmignac Patrimoine (-2.1 billion euros, according to Morningstar) continues.