Présentation Fonds d`investissement

FONDS D’INVESTISSEMENT ET PRIVATE EQUITY!
EUROPE, CENTRE MONDIAL DE LA DISTRIBUTION DE FONDS!
Nos panélistes!
Modérateur: !!
!
•  Charles Muller, Partner, KPMG!
Experts:!
!!
•  Frédéric Bompaire, Head of Public Affairs, Amundi, Paris!
•  Sébastien Danloy, CEO, RBC Investor Services Bank,
Luxembourg!
•  Philippe Ringard, Conducting Officer, J.P. Morgan Asset
Management, Luxembourg!
•  Jean-Christian Six, Partner, Allen & Overy, Luxembourg!
!
!
8!
Le nouveau Commissaire européen
Lord Jonathan Hill!
9!
Réorienter l’intégration financière
vers la croissance et l’emploi!
Lord Jonathan Hill, nouveau Commissaire européen
!
(…)!
!
“Approach to regulation/ cumulative impact!
!
We are also bringing a new approach to regulation. Under the leadership of First
VP Frans Timmermans, we are working to legislate less and do fewer things
better. In 2015, we will be bringing forward just one fifth of the number of new
legislative proposals that the last Commission proposed on average each year.
And we will be reviewing over two and a half times as much existing legislation as
was usual in the past.!
!
I will be applying this same approach to legislation in my area of financial
services. I expect there to be less new legislation in the future and more focus on
bedding-in the reforms of recent years. Businesses need stability and regulatory
certainty. I also want to look at the cumulative effect of what we have introduced in
the past, which is something for which the European Parliament has been calling.
Over the last five years, we had to legislate at speed while the fires of a crisis
were burning all around. What we did – what you did - made the financial system
stronger.”!
!
10!
Réorienter l’intégration financière vers la
croissance et l’emploi
!
“But now I think there's a growing consensus that it makes sense to step back and
ask ourselves whether we managed to get everything exactly right all of the time. Not to question the fundamentals of the approach but to take a look at the
combined effect of our legislation and ask ourselves whether we have always
achieved the correct balance between stability and growth.!
!
And if the evidence does show that some of the rules are not proportionate to the
risks posed by different types of institution, or that there have been unintended
consequences, then we should have the confidence to adapt the framework. Yes,
we need financial stability because that is the basis for sustainable growth. But we
also need to recognise something else: today, the greatest threat we face to
financial stability is a lack of jobs and growth. (…)”!
11!
Réglementaire!
12!
Fonds luxembourgeois :
véhicule de choix pour la distribution transfrontalière!
Le Luxembourg: passerelle vers l’Union européenne… et au-delà!
!
Suède, 67%
Canada, 66%
France, 63%
Pologne, 94%
Allemagne, 60%
Suisse, 65%
Corée du Sud, 95%
Japon, 58%
Bahrain, 81%
Pérou, 46%
Taiwan, 77%
Hong Kong, 72%
Singapour, 69%
Chili, 64%
!
Sources: Global Fund Distribution analysis – données au 31 décembre 2014, poster PWC 2015!
13!
Principaux marchés de distribution en
Europe et au-delà
!
5 000
4 500
4 000
Europe
3 500
Asia Pacific
3 000
Americas
2 500
2 000
1 500
1 000
500
0
DE CH AT FR UK NL ES IT SE FI BE NO SG DK IE PT CL GR HK LI
(nombres d’enregistrements) 12!
Domicile des fonds “cross-border”!
in %
UK
2
JE
2
FR
67% des67fonds
OPCVM % of all UCITS
distribués
registered indans
at least 3 countries
(including
homestate)
au moins
3 pays
are Luxembourg funds
sont luxembourgeois
4
IE
20
LU
67
0
10
20
30
40
50
60
70
80
15!
Les principaux acteurs!
Management group name!
Countries of sale
at group level
(including
domicile)!
First choice !
Fund domicile / Countries of sale!
Franklin Templeton!
49!
LU!
48!
HSBC!
45!
LU!
40!
BlackRock!
44!
LU!
36!
Fidelity Worldwide Investments!
39!
LU!
38!
BNP Paribas!
35!
LU!
34!
Allianz Group!
33!
LU!
32!
GAM (including Swiss and global)!
32!
LU!
26!
JP Morgan!
31!
LU!
31!
Pioneer Investments!
31!
LU!
30!
Schroders!
30!
LU!
29!
UBS!
30!
LU!
29!
Invesco!
29!
LU!
27!
16!
Les principaux acteurs!
Management group name !
Countries of sale at
group level (including
domicile) !
First choice fund domicile / Countries of sale!
Amundi Group !
29!
LU!
28!
Aberdeen Asset
Management!
28!
LU!
27!
Royal Bank of Scotland!
27!
LU!
26!
Deutsche Bank!
26!
LU!
22!
Henderson Group!
26!
LU!
25!
BNY Mellon!
26!
IE!
24!
Legg Mason!
26!
IE!
22!
PIMCO!
26!
IE!
25!
Capital Group!
26!
LU!
25!
Allianceebernstein
Management!
25!
LU!
24!
ING Investment
Management!
25!
LU!
24!
PINEBRIDGE!
25!
IE!
24!
Credit Suisse Group!
24!
LU!
22!
17!
Nos sujets!
1.  UCITS 5: !Responsabilité accrue des
dépositaires et protection renforcée des
investisseurs!
2.  AIFMD: !l’émergence d’un passeport pour
l’alternatif
!
3.  MIFID 2: !plus de transparence pour plus de
confiance
!
4.  Nouveaux marchés, nouveaux produits!
5.  Conclusion: regard sur le futur!
18!