The 2013/05/14 at 08:20
With Mathieu Berrivin, Marketing Manager for Employee and Retirement Saving Plans
Commerce International: What role does the international market hold at Amundi?
International development is one of our main strategic issues. We are present in the United States, Europe and Australia, but it is currently Asia that is growing. It is therefore over there that we have made major investments in recent months. We have subsidiaries in Tokyo, Hong Kong and Singapore, but also joint ventures in China, India and Korea. Amundi is today number two in Europe and number nine globally. We are now aiming for the world’s top five through the development of our presence on a local scale.
Who are your clients?
In asset management, we have three levers of development: large institutional clients such as pension funds or the State, directly. Next, banking networks that represent our second lever of growth: in France we work with our own networks, namely Crédit Agricole, Société Générale, LCL and Crédit du Nord, and we then replicate this system on different scales internationally. Finally, there are our asset management consultants with whom we develop partnerships for the distribution of our funds. In all, Amundi has over 3,000 institutional clients and external distributors in almost 30 countries and 100 million personal clients worldwide via our partner networks.
What about employer and retirement savings?
Amundi is the undisputed leader in employer and retirement savings in France, with a market share of over 40 % and assets of 36 billion euros. While employee and retirement savings are specific to each country, we are currently working on exporting the PERCO (collective retirement savings plan) model to Europe.
Why should an individual use this type of system?
There are three distinct advantages for individuals, in terms of cost, taxation and governance.
Collective management of employee savings allows clients to benefit from prices that have been negotiated with financial management firms and to have a governance organ (management/social partners) to monitor the system closely. Amundi is thus triply accountable: to the saver, to the company management, and to union organisations. In other words, in terms of performance or administrative management, we have to be irreproachable!
In concrete terms, how do you support enterprises in setting up such savings systems?
As far as intermediate-sized enterprises go, we work in collaboration with banking networks, which are our intermediaries for enterprises. Our salespeople then support the enterprise in the choice of funds offered to employees, as well as targeted communications within the enterprise, thanks to a kit on setting up systems: a customised guide for the saver, information meetings, poster campaigns, a pedagogical video. Concerning our key accounts clientele, our salespersons directly accompany decision-makers (management/staff representatives). Our support system is the same whatever the size of the company. Finally, for self-employed persons, shopkeepers, craftsmen, and so on, bank agencies offer our employee savings systems and explain why it is interesting for tax and professional reasons to subscribe to them.
Do you feel that people respond to these options?
The PERCO is progressing exponentially. The latest figures of the AFG (French Asset Management Association, dating from 30 June 2012) indicate a 35 % progression in PERCO deposits over one year, in other words an extra 1.2 million employees. Admittedly however, this is more the result of regulatory restrictions than real conviction amongst companies and employees. The problem with this issue is that people have trouble looking ahead to retirement. A cultural and social change is necessary, and it needs to be imposed successfully. The distribution-based pension scheme in France will not be able to meet the needs in coming years. So it is vital to find an alternative and to be proactive with this issue. Our conviction is that employee and retirement savings can play this role.
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