Recent articles by: Bella Caridade-Ferreira
  • October 2019Market Focus

    France heads en masse for the beach

    Things have been gradually changing in France, but there’s still a die-hard French tradition of shutting up shop for the whole of the month of August. The shutters come down on everything from city-based bakeries to out-of-town factories and the French go on holiday en masse. Inflows slow, but so too do outflows and the net effect is generally benign. …
  • October 2019Opinions & Features

    France

    Real estate funds in France continue to attract record-breaking flows. The French real estate sector has more than 12,000 buildings managed by REITs (or French SCPIs) and the sector’s defensive properties have proved highly popular with both institutional and retail investors. According to BestSCPI.com, average annualised returns for the first half of 2019 were 4.39%. What’s more, the sector attracted …
  • October 2019Opinions & Features

    France

    It was the French holiday season so everyone from competitors to investors had shut up shop. As August is an inflow month in the liquidity cycle, the main driver of business was short-term investments such as money market and short-term bond products. Changing economic indicators have unnerved investors, so there has been a strong rotation into safe-haven products that will …
  • October 2019Opinions & Features

    France

    August is usually a write-off for the French industry as the whole country appears to pack up and disappear to the coast for up to a month for les grandes vacances. Investors move investments to safe havens or put any decisions on hold until they return. As a result, there is little product development activity over the summer, with most …
  • September 2019Opinions & Features

    France

    The significant swing into fixed income products was reflected in this month’s winners and losers. Allianz topped the charts with net sales of €534m thanks to its strong fixed income franchise. Indeed, the lion’s share of Allianz bond fund flows went into its Euro Oblig Court Terme ISR fund, a short-term bond fund with ESG credentials. Rothschild came second for …
  • September 2019Opinions & Features

    France

    In July, the Bank of France published its annual review of the regulated savings market in France. According to its figures, at the end of 2018, household financial wealth stood at €5trn, down €40bn on the previous year. The bank reports that the fall in value was due to the stock-market downturn in the fourth quarter of 2018, rather than …
  • September 2019Opinions & Features

    France

    July and August are usually quiet months for France in terms of product development, but there were 14 new funds this month, which together raised capital of €279m. The uncertain outlook, rising volatility and growing risk aversion among French investors (retail and institutional) was evident in the funds that came to market.
  • September 2019Market Focus

    France in flight and fright

    July is the start of the Grandes Vacances in France. The pace of life visibly slows, and savings and investments are put on the backburner or moved to safe havens, while investors take their month-long summer holidays. Inflows slow right down but then so do the outflows, and thus the net effect is normally benign. But this month is different; …