FONDS D INVESTISSEMENT ET PRIVATE EQUITY! EUROPE, CENTRE MONDIAL DE LA DISTRIBUTION DE FONDS!

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1 FONDS D INVESTISSEMENT ET PRIVATE EQUITY EUROPE, CENTRE MONDIAL DE LA DISTRIBUTION DE FONDS

2 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

3 Le nouveau Commissaire européen Lord Jonathan Hill 9

4 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

5 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

6 Réglementaire 12

7 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% Bahrain, 81% Corée du Sud, 95% Japon, 58% Taiwan, 77% Hong Kong, 72% Pérou, 46% Singapour, 69% Chili, 64% Sources: Global Fund Distribution analysis données au 31 décembre 2014, poster PWC

8 Principaux marchés de distribution en Europe et au-delà Europe Asia Pacific Americas DE CH AT FR UK NL ES IT SE FI BE NO SG DK IE PT CL GR HK LI (nombres d enregistrements) 12

9 15 Domicile des fonds cross-border in % UK JE % des fonds OPCVM distribués dans au moins 3 pays sont luxembourgeois 67 % of all UCITS registered in at least 3 countries (including home state) are Luxembourg funds FR 4 IE 20 LU

10 16 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

11 17 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 ING Investment Management 25 LU LU 24 PINEBRIDGE 25 IE 24 Credit Suisse Group 24 LU 22

12 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