With 16.6 billion euros under management in France to end 2006 as against 5 billion in 2005, socially responsible investment (SRI) is a strong growth in the industry in the management of assets. Apart from the conventional SRI funds, there is a willingness to launch new types of Funds of funds as asset backed CO2 or microfinance debt fund. However, France is the 5th European country most active in SRI behind the Netherlands, the Kingdom - Kingdom, Belgium and Germany. Indeed, many barriers prevent it from being competitive against other European markets. The next national directive on UCITS must therefore be taken into account.
There are two types of obstacles to the creation of SRI funds that hold mostly unlisted assets: obstacles to the regulatory status of these mutual funds, as well as obstacles related to their distribution and production.
Today, there are no regulations in the French statute of collective investment that is truly tailored to unlisted assets (notes, credits of greenhouse gases, etc.). And would invest massively in microfinance, finance carbon or environmental projects. While the French legislation does not explicitly on the debt fund microfinance funds for carbon regulation is more formal: a background of French law can not hold carbon credit in its assets and no UCITS French law can not intervene on Bluenext, the new platform French finance carbon.( Finance Information City )
The terms of distribution and promotion are also very restrictive. For example, in the field of microfinance, the funds themselves "pure" (up 90% of assets microfinance) have the right to any advertising to the general public and can not be distributed to institutional investors as well as investors, and only if they request to express them. Only funds "diluted" (10% of active microfinance maximum) can be actively distributed to the general public. These barriers to distribution do not French banks to engage in the production of such funds (assets conservation and management). To the extent that they can not distribute them actively, they prefer to delegate all production to other European banks that have acquired the know-how and thus lose jurisdiction over these products.
However, France has developed recognized expertise on the origination of such tools. Indeed, Paris has a dominant position in the market for greenhouse gases (Orbeo, Bluenext, register of greenhouse gases held by the Caisse des Depots ...) and one of the largest microfinance NGO, PlaNet Finance , Which specializes in sourcing particular assets to fund microfinance. But the many obstacles to production and distribution of these funds kick in the French competitiveness in these markets. As the funds can not be invested in France, there is a flight of assets to other European countries whose legislation is more flexible. Thus, instead of London holds the top of the carbon since UCITA may hold British carbon credits. As for funds "pure" microfinance, they are mostly domiciled in Luxembourg or Switzerland (Blue Orchard Dexia Microcredit Fund, Credit Suisse Global Responsibility Microfinance, etc.)..
SRI, a fast-growing market
However, prospects in these markets are very interesting because is a real appetite of investors for this market.
According to a study by Deutsche Bank published last December, microfinance is now a market of 2.3 billion dollars in the United States and $ 1 billion in Europe and should be a market of over $ 20 billion by 2015. This study also reminds the market that offers a low failure rate and an attractive return.
Moreover, advocates Bercy in its new financial modernization law that all savings plans company will propose a solidarity fund. In addition to this recommendation, the CIPF solidarity can not hold more than 10% but 25% of the assets of a fund specializing in the economy of solidarity. Knowing that the end of 2007, the amount invested in such CIPF reached 600 million euros, representing an annual growth of 50%, the sector has a great future ahead of him. This raises the issue of diversification of assets: the widening scope of the collection must be accompanied by a relaxation of approval solidarity funds, failing to create a bubble because of the lack of eligible projects.
Some tracks at national and European level to address these obstacles
Pending a coordinated European legislation, the Commission published in 2006 a White Paper on the single market for investment funds. The commission proposes the removal of administrative barriers to cross-border and the introduction of greater flexibility regarding the types of financial instruments allowed in mutual funds.
Finally, the group Paris Europlace said that it was essential that the Paris financial center consolidates its position in the sector SRI brings opportunities and makes the changes necessary to be as competitive as possible globally. That is why a working committee met on the theme of SRI to develop recommendations for action at Bercy rebates that should help broaden the base of investment ESG (Environmental, Social, Governance) , To communicate more widely to investors and to identify a unifying framework for the Place and its players.
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