Posts Tagged “Guillaume Prache”

EFAMA leads the asset management industry in a call for pan-European long-term savings product in closed door session at FundForum International 2010

July 2, 2020


Jean Baptiste de Franssu, President, EFAMA speaking at FundForum International 2010

Eddy Wymeersch, Chairman, CESR at FundForum International 2010

In an intense and wide ranging meeting which included those representing the regulatory view, the investment industry and investor representatives today, five key issues were debated in the new closed door session at FundForum International 2010.

The panel, moderated by Tom Brown, Partner at KPMG, consisted of Eddy Wymeersch, Chairman of CESR; Jean-Baptiste de Franssu, President of EFAMA; Consumer advocates Mick McAteer and Guillaume Prache; Marc Garvin, Chairman International Business, Treasury and Securities Services of JPMorgan as well as the members of the EFAMA President Advisory Council: Juan Alcaraz, CEO of Allfunds Bank and Santander Asset Management; Dominique Carrel-Billiard, CEO of AXA Investment Managers; Alain Dromer, CEO of Aviva Investors; Roderick Munsters, CEO of ROBECO, Martin Gilbert, CEO of Aberdeen Asset Management; Allan Polack, CEO of Nordea Savings and Asset Management; Peter De Proft, Director General of EFAMA and Claude Kremer, Vice-President of EFAMA.

First up on the agenda was the issue of long term savings and distribution in particular on the back of the report entitled Revisiting the landscape of European long-terms savings published by EFAMA at the beginning of the year.

The attendees were supportive of creating a pan-European long-term savings product which will meet the needs of the ageing population of Europe, one of the greatest challenges facing Europe today. It is the European asset management industry’s aim to provide a solution to this problem. European consumers need a product that is simple, cost effective and transparent to encourage long term savings which the investment management industry can provide. Effective distribution and advice on savings products across Europe are major challenges, from a regulatory, supervisory and commercial standpoint.

The second issue under debate was shareholder engagement, both in terms of activism and stewardship. Asset managers need to go beyond a short termist approach and engage in a long term dialogue with the companies in which they invest. The group acknowledged that it is essential to find the right balance between their fiduciary duties to their investors and their role as investors in a company, and to find proper mechanisms for effective engagement.

The third item on the agenda was the evolving supervisory framework in the EU and how it will impact on the asset management industry. ESMA, one of the three new authorities will be an independent body not comparable to the SEC, operating as a co-ordinating rather than guiding force. The aim is that will ultimately lead to a more harmonised approach in regulation across Europe.

Turning to the issue of new regulation for depositaries, the industry representatives said that the existing global custody model has served the industry and investors well but there is a legitimate argument for strengthening investor protection. The industry representatives on the panel felt that new regulation should not lead to an overhaul of a well established body of practices.

The session concluded with a look at the growing fund group of ETFs. Panellists discussed how the characteristics of these funds have an impact on existing distribution models.

The Fund Industry’s future: a key to the retirement time bomb?

May 25, 2020

A view from the investors’ side; an article by Guillaume Prache, EFI - EuroInvestor.org

Guillaume Prache will be speaking at FundForum International 28 June - 2 July 2020 in Monaco

The years to come may well be critical for the fund industry. The 2010 FundForum edition wisely includes interactive sessions between the industry and the end investors (its clients) on key issues such as investment approaches and regulation. We are grateful for this initiative.

Indeed, investment funds do provide a collective solution enabling end investors to diversify their portfolio and to benefit from continuous professional care. The fund industry has made great progress in the recent decades, and the European regulators have helped by creating the standardized pan-European UCITS and improving those with the recent UCITS IV Directive including such key new features as the “KID” (Key Information Document). At the same time, European citizens are likely to rely more and more on their personal investments to fund a longer retirement life;

  • as pay-as-you-go pension systems are reducing their benefits,
  • as defined benefit plans shrink and defined contribution ones (often fund-based) grow,
  • as Solvency II is pushing insurers further away from equity investments (and therefore unfortunately from sustainable long term investment performance),
  • and their clients further into unit-linked products. Read more »


Copyright © 2010 IIR Limited | This site is owned and operated by IIR Limited.
IIR Limited is registered in England and Wales under number 1835199 and has its registered office at Mortimer House, 37-41 Mortimer Street, London, W1T 3JH.


XTmotion London: Website Design, Website Development & Website Support