France: Pensions and Investment News and Analysis
The second pillar has been taking a gradual but firm foothold in France’s hotly contested retirement system. Providers have transferred their funds to IORPs over recent years and assets in the PER workplace pension vehicle are growing. Law changes this year require PERs to hold a minimum allocation to unlisted assets. Since 2022 PER savers have had access to socially responsible, energy transition and social impact-labelled funds. Controversial reforms enacted by President Macron in April 2023 now look reasonably secure, with no appetite in parliament to overturn them.
Pension Funds in France - Country Report
French workplace pensions grow as reform controversy recedes
Macron’s controversial pension reforms look likely to survive, at least for now, and despite the political turmoil of the recent elections
TOP FRENCH PENSION FUNDS 2024
Pension fund/entity | Assets (€’000)
- Agirc-Arrco | 78,500,000
- ERAFP | 45,575,000
- La Mondiale Retraite Supplémentaire | 28,445,000
- Fonds de Réserve pour les Retraites (FRR) | 21,200,000
- Ircantec |15,850,000
©IPE Research; View the Top 1000 European Pensions Funds 2024 for a comprehensive market overview
FRR renews William Blair as latest US equity managers appointed
Mandates include more stringent decarbonisation targets
France’s FRR picks new CIO
Pierre-Olivier Billard, head of the fund’s asset allocation department, replaces Salwa Boussoukaya-Nasr
France’s FRR ramps up equities as investment horizon extended
Pension reserve fund estimates a median €1.8bn in extra value creation by 2033
Ircantec adds ESG criteria to fiduciary agent variable pay
Plans to adopt biodiversity policy this year, and launches social bond fund
France elections: Asset managers digest hung parliament results, with a twist
Newly-assembled left-wing alliance gets most seats, but no majority, as right-wing grouping comes a surprise third
TOP MANAGERS: FRENCH INSTITUTIONAL ASSETS
Company | Assets (€m)
- Amundi | 744.476*
- Natixis Investment Managers | 472,009
- Ostrum Asset Management | 359,578
- AXA Investment Managers | 234,198**
- BNP Paribas Asset Management | 190,052*
- Ofi Invest | 154,800**
- Generali Investments | 72,986***
- Groupama Asset Management | 64,701
- Allianz Global Investors | 57,366
- Swiss Life Asset Management | 30,652**
As at 30.6.23, *31.3.23, **31.12.22, ***30.6.22
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IPE BEST PENSION FUND IN FRANCE AWARD WINNERS
- 2023 - ERAFP
- 2022 - AG2R La Mondiale
- 2021 - ERAFP
- 2020 - AG2R La Mondiale
- 2019 - AG2R La Mondiale
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Viewpoint: Macron’s reform paves way for development of French second- and third-pillar pension
The rationale of the reform is simple: the rising life expectancies combined with decreasing birth-rate have accelerated the aging of the French population
Private equity remains a key building block for pension schemes
While allocations vary, pension funds value solid returns and private equity’s role as a diversifier. Funds use PE to gain both domestic and international exposure.
The pensions reform promises of Europe's far-right political parties
The rise of far-right parties has bolstered support for European welfare state systems, but radical right-wing policymakers face difficult choices
FRR renews William Blair as latest US equity managers appointed
Mandates include more stringent decarbonisation targets
French workplace pensions grow as reform controversy recedes
Macron’s controversial pension reforms look likely to survive, at least for now, and despite the political turmoil of the recent elections
Changing of the guard at France's buffer fund FRR
Fonds de réserve pour les retraites has had a management and investment refresh
Understanding France’s new second-pillar regime
IORPs have now taken root in France as providers have shifted from the previous insurance-based regime, but allocations to fixed income remain high
France: Macron’s reforms look secure
President Macron’s pension reforms may have their detractors, but the hung parliament is not expected to roll back any of them significantly
France’s FRR picks new CIO
Pierre-Olivier Billard, head of the fund’s asset allocation department, replaces Salwa Boussoukaya-Nasr
France’s FRR ramps up equities as investment horizon extended
Pension reserve fund estimates a median €1.8bn in extra value creation by 2033
Ircantec adds ESG criteria to fiduciary agent variable pay
Plans to adopt biodiversity policy this year, and launches social bond fund
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