la franÇaise presentation - veritas institutional...8 hsbc reim france 2 353 m€ 4,2% 8 perial...
TRANSCRIPT
PRESENTATION VERITAS INSTITUTIONAL EVENT – MAY 2019
LA FRANÇAISE PRESENTATION
PATRICK RIVIÈRE
1
23rd of May 2019
PRESENTATION VERITAS INSTITUTIONAL EVENT - MAY 2019
SUMMARY
La Française Group presentation
La Française Group assets under management & inflows
La Francaise in the market
2
PRESENTATION VERITAS INSTITUTIONAL EVENT – MAY 2019
LA FRANÇAISE GROUP PRESENTATION
3
PRESENTATION VERITAS INSTITUTIONAL EVENT - MAY 20194
LA FRANÇAISE GROUP (1/5)Organisation & Shareholder
Since
1975
602 professionals
as at 31/12/2018
Over
€65,7 bnIn assets
as at 31/12/2018
La Française Group
PRESENTATION VERITAS INSTITUTIONAL EVENT - MAY 20195
LA FRANÇAISE GROUP (2/5)Expertises & distribution
Fixed Income
Direct real estateEmerging manager incubation
Alternative investments
Cross-Asset Equities
Funds of hedge funds
Indirect real estate
Real estate securities
Alternative financing
Private equity
Third party funding
Dedicated solutions
Management company
Corporates Institutionals
BanksIFA /
PlatformPrivateBanks
Digital Privateclients
PRESENTATION VERITAS INSTITUTIONAL EVENT - MAY 2019
LA FRANÇAISE GROUP (3/5)Clients base
6
IFA’s dedicated teams
Open-architecture
investment platform :
CD Partenaires
Offer tailored to private clients
A Real Estate products offer dedicated to retail
clients (historical segment)
New clients on a disruptive digital platform
Moniwan
La Française deploys
its business model
with institutional, both
in France and abroad
International distribution
platform in Luxembourg
385
international
clients
PRESENTATION VERITAS INSTITUTIONAL EVENT - MAY 2019
LA FRANÇAISE GROUP (4/5)Global reach, local market expertise
7
La Française distributionAffiliates and
partnerships
La Française (Distribution et
asset management centers)
Asset management centers or investment advisory
services:
Paris, Frankfurt, Hamburg, London, Hong Kong,
Singapore, New York (Alger)
Distribution:
Austria, Belgium, Canada, France, Germany, Hong Kong,
Italy, Japan, Luxembourg, Singapore, South Korea, Spain,
Switzerland, UK
Over the course of 5 years, La Française has
expanded its reach across the globe
Main domestic clients Main International clients
PRESENTATION VERITAS INSTITUTIONAL EVENT - MAY 20198
Strongly committed to SRI since 2009 with the launch of the first SRI collective real estate investment vehicle
The group has placed CSR at the core of its philosophy since 2010 when it signed the Principles for
Responsible Investment (PRI).
Development of responsible investment research, advisory services and related investment products
An innovative proprietary investment philosophy : SRI impact investing
About €3,3 bn managed on SRI strategy, 12 mutual funds, 20 experts
Innovative range of products on Impact Investing strategy :
“Climate Change” investment solution : Carbon Impact Investment funds (€230 M AuM)
A new Carbon Impact target maturity fund will be launched in 2019
LA FRANÇAISE GROUP (5/5)A strong commitment to CSR & SRI
PRESENTATION VERITAS INSTITUTIONAL EVENT – MAY 2019
LA FRANÇAISE GROUP ASSETS UNDER
MANAGEMENT & INFLOWS
9
PRESENTATION VERITAS INSTITUTIONAL EVENT - MAY 2019
LA FRANÇAISE ASSET UNDER MANAGEMENTA robust and proven business model
10
Total assets under management, March 2019 (€Bn)
+ 13,1 %Average Annual
Growth Rate
At the end of March 2019, the total assets
under management of La Française group
is 68 Bn€
La Française Assets under management
growth slightly weakened in 2018 due to the
loss of the CMNE insurer's outstanding
amounts following its merger with the CM-
C11 insurer ~10 Bn€
This important outflow has been offset by
outstanding external inflows over 2018 and
the inclusion of Veritas AuM
Source: La Française, 31/03/2019
5,8 5,8 7 7,8 9,7 11,5 13,2 14,5 16,1 19,2 201 1,9 1,9 1,8 2,11,7 2,126,1 29 27,8 29,5
30,132,3 33,8 36,1 37,1 31,8 32,91
2,53,8
7,510,9 13 13
31,934,8 34,8 37,3
41,848,2
52,7
59,966,2 65,7 68,0
0
10
20
30
40
50
60
70
80
0
10
20
30
40
50
60
70
80
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Real Estate Direct financing Securities Investment Solutions
Total Net Flows 2019, March 2019 (€M)
2,7 €Bn
march
PRESENTATION VERITAS INSTITUTIONAL EVENT - MAY 2019
KEY ELEMENTS INTERNATIONAL BUSINESS
11
18 Bn€ AuM
28% of La Française AUM
Presence in Europe, Asia,
Latin America,
Middle East and Canada
36 Sales
2,4 Bn€ net inflow
40% of the group inflow*
More than 300 clients
(AuM > 1M€)
9 people dedicated to sales
support and international
marketing
*excluding CMNE insurer
PRÉSENTATION CONFIDENTIELLEPRESENTATION VARITAS INSTITUTIONAL EVENT – MAY 2019
12
VERITAS MULTI-ASSET EXPERTISE: A STRONG COMPLEMENTARITYReinforce our local presence in Germany, and extend it to securities
With Veritas
institutional
La Française diversified funds stood at 4,2 €bn in December 2018, which is nearly 17% of our total AuM on securities expertise,with merely 100 €K from German clients
The inclusion of Veritas Group cross asset expertise, brings the diversified expertise to 11 € bn, i.e 36 % of La Française securitiesAuM, and strengthen the German base clients of the Group on this expertise (6,7 €bn)
Veritas institutional is becoming a key factor in the development of La Française’s multi-Asset expertise
La Française AM and Veritas AuM in €M – Dec. 2018
PRESENTATION VERITAS INSTITUTIONAL EVENT - MAY 2019
FOCUS INTERNATIONAL – ASSETS UNDER MANAGEMENTInternational clients represent 28% of the total AuM
13
AuM has more thandoubled in 3 years
Germany is now the second biggest market of La Française
Breakdown by expertise
13%8 Bn€
14%9,3 Bn€
28%18,4 Bn€
2016 2017 2018
Benelux2,9
UK1,6
Spain1,4
Italy0,9
Switzerland0,2
Europe*
Germany
8
1,8
0,2
0,1
0,04
Asie
Amériques
Afrique
Moyen Orient
Asia
America
Africa
Middle-East
Securities
11,6 Bn€
Real Estate
4,1 Bn€
2,6 Bn€
* Excluding France, Benelux, Spain, Italy et UK
In Bn€
La Française’s
Germany Assets
under Management
set to rise to 8 Mds€
Source: la française, 31/12/2018
PRESENTATION VERITAS INSTITUTIONAL EVENT - MAY 2019
FOCUS INTERNATIONAL – NET INFLOWAround 40% of the net inflow comes from international clients
14
40% of Group net inflow in 2018, or €2.4 billion, generated outside France*
Dynamics of the 4 historical countries
Breakdown by expertise
25%1,5 Bn€
20%1,2 Bn€
40%2,4 Bn€
2016 2017 2018
* Excluding CMNE insurer
Germany591
Benelux499 Spain
496
Italy417
UK210
Switzerland 99 Europe*43
31
18
17
- 1
Asie
Moyen Orient
Amériques
Afrique
In Bn€
* Excluding France, Benelux, Spain, Italy et UK
Asia
Middle-East
America
Africa
Real Estate
761 M€
Securities
526 M€
Source: la française, 31/12/2018
PRESENTATION VERITAS INSTITUTIONAL EVENT – MAY 2019
LA FRANÇAISE IN THE MARKET
15
PRESENTATION VERITAS INSTITUTIONAL EVENT - MAY 2019
EUROPEAN AND GLOBAL MARKET POSITION - REAL ESTATE 21st biggest European player
16
26st Top European
Real Estate
Investment
Managers at the end
of 2018
European Market Position
Total Gross value of Real Estate AuM in Europe, 31/12/18 (bn€)
Data : IPE, dec 2018
Ranking CompanyTotal Real
Estate AUM (€Bn) 31/12/18
PRESENTATION VERITAS INSTITUTIONAL EVENT - MAY 2019
REAL ESTATE - FRENCH MARKET POSITIONLeader on the Real Estate Mutual funds (SCPI)
17
Real Estate Leader
on its domestic
market
Data : IEIF, December 2018
Rankdec. 2018
Management companyCapitalisation
dec. 2018Mkt Share
Rankdec. 2018
Management companyNet Inflows
2018Growth Inflows
2018Mkt
Share
1 La Française REM 8 834 M€ 16,0% 1 Primonial REIM 861 M€ 878 M€ 13,5%
2 Amundi Immobilier 7 172 M€ 13,0% 2 Amundi Immobilier 727 M€ 847 M€ 13,1%
3 Primonial REIM 5 913 M€ 10,7% 3 La Française REM 554 M€ 705 M€ 10,9%
4 AEW Ciloger 5 603 M€ 10,1% 4 Corum AM 526 M€ 537 M€ 8,3%
5 BNP Paribas REIM France 4 875 M€ 8,8% 5 BNP Paribas REIM France 339 M€ 446 M€ 6,9%
6 Sofidy 4 273 M€ 7,7% 6 AEW Ciloger 23 M€ 420 M€ 6,5%
7 Perial Asset Management 3 302 M€ 6,0% 7 Sofidy 327 M€ 414 M€ 6,4%
8 HSBC REIM France 2 353 M€ 4,2% 8 Perial Asset Management 266 M€ 355 M€ 5,5%
9 Unofi 2 300 M€ 4,2% 9 VOISIN 345 M€ 350 M€ 5,4%
10 Corum AM 1 713 M€ 3,1% 10 PAREF Gestion 209 M€ 228 M€ 3,5%
PRESENTATION VERITAS INSTITUTIONAL EVENT - MAY 2019
LA FRANÇAISE GROUPSecurities expertise
18
LFGAM
32,9 Bn€ assets
under management31/03/2019
Data : INDEFI, Les Echos, December 2018
Ranking Company
AuM
31/12/2018
€Bn
1 Amundi 1 425
2 Natixis IM 802
3 AXA IM 730
4 BNP Paribas Asset Managers 565
5 Ostrum AM 265
6 La Banque Postale AM 220
7 Lyxor AM 132
8 Groupama AM 99
9 Covéa Finance 95
10 OFI AM 72
11 La Française 65
12 CM-CIC AM 59
1 BNPP AM 95 11 HSBC Global AM 59
2 Amundi AM (y.c. Pioneer) 92 12 Allianz GI 56
3 La Française AM 90 13 CM-CIC AM 55
4 Natixis IM 90 14 Tikehau IM 55
5 OFI AM 76 76 15 La Financière de l’Echiquier 50
6 Axa IM 75 16 Lyxor AM 50
7 Edmond de Rothschild AM 73 17 Idinvest Partners 46
8 Lazard Frères Gestion 70 18 CPR AM 42
9 Rothschild MM AM 69 19 Swiss Life AM 42
10 Oddo BHF AM 66 20 Groupama AM 41
…
Total pour 130 SdG 2 662
PRESENTATION VERITAS INSTITUTIONAL EVENT - MAY 2019
AWARDSLa Française Funds
The LF Multistratégies Obligatairesfund has received the highest rating and is recognized as the winner of the year 2018 in the "euro bond fund" category by SharingAlpha
19
LFIS Named Best Quant Manager at
the Risk Awards 2018
LF Multistratégies Obligatairesfund
LFIS Vision UCITS Premia fund
La Française Forum Securities awarded “Best Sustainable Real Estate Fund Manager of the Year” by Property Funds World, in 2018
LF Lux – Sustainable Real Estate Securities
DISCLAIMER
20
The information and material provided herein do not in any case represent advice, offer, solicitation orrecommendation to invest in specific investments. All information and data included in this document isconsidered as accurate at the date of its preparation considering the economic, financial and stock-exchangerelated context at that date and reflect the perspectives of Group La Française on the markets and theirevolution. It is subject to change and does not represent or create contractual obligations. It should be noted thatpast performance does not necessarily determine future performance which may vary over time. With regard tofinancial, economic and stock-exchange related risks, no guarantee can be issued that the present products willattain their stated objectives.
These products may be subject to restrictions with regard to certain persons or in certain countries undernational regulations applicable to such persons or countries. NOTABLY, THIS PRESENTATION ISEXCLUSIVELY INTENDED FOR PERSONS WHO ARE NOT U.S. PERSONS, AS SUCH TERM IS DEFINED INREGULATIONS OF THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT) AND WHOARE NOT PHYSICALLY PRESENT IN THE UNITED STATES.
Investment products referenced in this presentation are not directed at and suitable for all types of investors.Potential subscribers are requested to carefully and independently assess the legal and commercialdocumentation provided and notably the risks entailed and to seek appropriate professional advice wherenecessary (including regulatory and fiscal aspects) in order to determine the investment product’s potential toreach predefined investment objectives.
Depending on the strategy of the investment vehicle, data considered as « internal » might differ from thatmentioned in the prospectus. It shall be reminded that such internal data are not binding, the ManagementCompany remains fat liberty to modify them without prior notice within prospectus guidelines, which alone areadmissible. As a consequence, investors are reminded that all data shown in this document and not mentionedin the prospectus are meant for information purposes only. Investors must form their investment decision basedonly on the information mentioned in the prospectus. In the event of an infringement or change of internal data,the Management Company will not proceed to any specific disclosure as long as these modifications have noimpact on the prospectus. By “internal data”, the Management Company means a set of elements including butnot limited to: fund management internal guidelines, economic analysis, market and/or fund managementcommentaries.
Morningstar and/or Lipper ratings are subjected to copyright. All rights reserved. The present information: (1)belongs to Morningstar and/or Lipper and/or to their information providers, (2) can be neither copied norredistributed, (3) is provided without guarantee of accuracy, completeness or timeliness. Neither Morningstarnor Lipper, nor their information providers can be held responsible for damages or losses caused by the use ofthis information.
The legal and commercial documentation is available on the Group La Française website (www.la-francaise.com) and / or upon simple request to your usual financial interlocutor.
In accordance with Directive (n°2014/65/UE) on markets in financial instruments (MIF II), the client is entitled toreceive, upon request, more detailed information regarding the compensation relative to the sale and marketingof the present product from the client’s financial advisor.
This document and all information contained within are strictly confidential. The material provided herein is forinformational purposes only and is directed only at the person it has been delivered to by La Française AMInternational (international distribution platform of Group La Française). All distribution / disclosure of any of thecontents of this presentation to third parties in any form is strictly prohibited unless prior written agreement isgiven by Group La Française. In addition, all names, trademarks, logos and slogans identifying Group LaFrançaise products or services are exclusive property of Group La Française and are restricted from use of anykind unless prior written agreement is provided by Group La Française.
This presentation has been prepared by La Française AM Finance Services, regulated by the “Autorité deContrôle Prudentiel et de Résolution” as an investment services provider under the number 18673, registeredwith Registry of Insurance Intermediaries “ORIAS” under N 1300708 since November 4th 2016, approval (i.e. theCarte professionnelle) granted by the Paris Ile-de-France “Chambre du Commerce & de l’Industrie” under CPI N7501 2016 000 010432 – Transactions on Buildings and Business Assets – affiliate of Group La Française, anasset management group which is comprised of the following asset management companies: CD Partenaires,intermediary in banking and payment services, life insurance broker and tied agent of La Française AM FinanceServices, registered with Registry of Insurance Intermediaries “ORIAS” under N 07022729 since March 14th2014, approval (i.e. the Carte professionnelle) granted by the Paris Ile-de-France “Chambre du Commerce & del’Industrie” under CPI N 7501 2016 000 013 991 – Transactions on Buildings and Business Assets; La FrançaiseAM International approved by the CSSF on December 20th 2002; La Française Investment Solutions, approvedby the “Autorité des Marchés Financiers” under N GP-13000004 on February 12th 2013; La Française AssetManagement, approved by the “Autorité des Marchés Financiers” under N GP97076 on July 1st 1997 ; LaFrançaise Inflection Point, approved by the “Autorité des Marchés Financiers” under N GP9755 on June 30th1997; La Française Global Real Estate Investment Managers, registered in England and Wales under N8580051 with “Companies House Cardiff” agency; La Française Real Estate Managers, approved by the“Autorité des Marchés Financiers” under N GP07000038 on June 26th 2007, approval (i.e. the Carteprofessionnelle) granted by the Paris Ile-de-France “Chambre du Commerce & de l’Industrie” under CPI N 75012016000 006 443 – Transactions on Buildings and Business Assets and Real Estate Management; New AlphaAsset Management, approved by the “Autorité des Marchés Financiers” under N GP-05000001 on January 20th2005; ACOFI Gestion, approved by the “Autorité des Marchés Financiers” under N GP97118 on November 28th1997; Siparex Proximité Innovation, approved by the “Autorité des Marchés Financiers” under N GP-04000032on April 27th 2004.
This presentation is not subject to AMF approval and was not submitted for approval to the AMF. Thispresentation is not subjected to the approval of the local Regulator.
Internet information for the regulatory authorities Autorité de Contrôle Prudentiel et de Résolutionwww.acp.banque-france.fr, Autorité des Marchés Financiers www.amf-france.org, Registre des Intermédiaires enAssurance ORIAS www.orias.fr, Commission de Surveillance du Secteur Financier www.cssf.lu.
LA FRANÇAISE GROUPRCS Paris 480 871 490
128 boulevard Raspail
75006 Paris – France
Tel. +33 (0)1 73 00 73 00
Fax +33 (0)1 73 00 73 01
LA FRANÇAISE GROUP
21
For forty years, La Française has
been developing core
competencies in third party
asset management.
La Française has a multi-expertise
business model organized around four
core activities: securities, real estate,
investment solutions and direct
financing. The group caters to
institutional and private clients throughout
the world.
With 639 professionals and
offices in Paris, Frankfurt,
Geneva, Hamburg, Stamford (CT,
USA), Hong Kong, London,
Luxembourg, Madrid, Milan,
Seoul and Singapore, La
Française manages over €65bn
in assets (as at 01/01/2019).
La Française is a forward-looking
responsible investor and as such,
incorporates tomorrow’s challenges into
today’s investment strategy.
La Française is owned by Credit Mutuel
Nord Europe (“CMNE”), a banking and
insurance group present in Northern
France and Belgium with total regulatory
capital of €3.2bn as at 30/06/2018.