Need to create a European or even global leadership from Paris

To current developments in the market of management for third parties in Europe, the place of Paris wondered rightly on the role of the French market is expected to play in this set. His rule is certainly still undisputed - particularly in terms of capital managed in UCITS of French law-, but it could be questioned soon, in the absence of an appropriate response to the ongoing integration process.

The unification of the European market for management accelerates as illustrated by several key indicators: growing relative weight acquired by cross-border UCITS (UCITS sold in several countries), which now represent over two thirds of the net subscriptions in Europe and more than a third of the assets; the increase in the number of cross-border UCITS (more); and the importance of the export of the activities of management, where there is such that almost 50 of the outstanding managed in UCITS London are for funds domiciled abroad against 10 for Paris (about EUR 700 billion against 150).

There is a therefore need to act to develop the attractiveness of the place and maintain leadership in the field. In this regard, the recent report of the MFA on asset management, published on the transposition of the Directive Ucits IV rightly emphasizes a series of fundamental issues. The initiative launched by the High Committee of place, on the strategy and the development of the industry of asset management in France, with the active participation of the AFG reinforces this commitment and its findings include, hopefully, an ambitious schedule of implementation of the suggested reforms.

But, beware, the place must not mistaken target: future issues are not on the cross-border UCITS domiciliation - largely dominated by the Luxembourg and the Ireland which represent them both only 85 of this market against 2 for the France, but on the location of the value chain activities much more: it is more important that the financial and administrative mutual fund management is established in Franceregardless of their home instead of trying to export the UCITS under French law.

Thus it should be, first, to encourage entrepreneurial initiatives of management teams based in France by promoting the development of long savings. Then, it should be to promote the strengths of our market to foreign managers who may be attracted to a social, fiscal and regulatory framework favourable. Attention must also be paid to promote the export of know-how of these entrepreneurs in Europe more able to respond and adapt to the requirements of the intermédiée distribution and existing competition in other markets.

The second key element of the value chain for the depository activities and development of the UCITS. Need to create a European or even global leadership from Paris. This means in particular to evidence of economic realism and pragmatism regulatory, research a harmonized application rules in Europe or in the reflections to create a passport for the depositary mission. The AMF and the major service providers must act together taking into account the sensitivities of the different European markets to make the place a centre of excellence. The industry needs to appropriate opportunities for rationalization including Ucits IV and actively participate in the reduction of administrative costs for the benefit of savers.

Finally, it is appropriate to adopt an ambitious position distribution and Council in the wake of the recommendations of the g-20 and then the financial markets of continental Europe challenge on the way forward. Thus the creation in France of a new supervisory authority and its rapprochement with the AMF for the protection of investors reflect the innovation capacity of the Centre of Paris. This step is a step forward as important as the establishment in the United States pursuant to the Dodd-Frank to a new federal agency responsible for of this same mission. French management industry will not only benefit the development and modernization of a domestic market for the distribution on which it can rely in its European conquests.

Even beyond the current dynamic, the European asset management market has ambitious prospects for growth in the service, including the financing of the economy and job creation. All games are not made and the winners of the "battle of the home" will not necessarily be winners in terms of creating value and economic development. It is this important in the end.