This is a novelty on the French market and it worries some asset managers. Amundi and BNP Paribas Asset Management (AM) are in the process of finalizing, each on their own, a purchasing center supposed to select the best of collective management, “Les Echos” has learned from concordant sources. The asset management subsidiaries of Crédit Agricole and BNP Paribas will thus have their own management delegation infrastructure (“subadvisory”). This mechanism consists of entrusting the management of investment pockets to hand-picked external managers, in order to then offer a narrow catalog of products at lower cost to savings distributors (private and retail banks, insurers, etc.).
“We want to offer our clients easier and more efficient access to the best strategies on the market, reducing management costs thanks to economies of scale, as in institutional management”, confirms Denis Panel, head of the multi-asset, quantitative and solutions management division of BNP Paribas AM. To do this, we are going to launch a management delegation platform in open architecture, structured in a Luxembourg Sicav ”.