BlackRock is accused by some of being in a pole position to take advantage of the pension reform presented by the government. But the French market represents only a tiny part of the totality of the assets it manages. On the other hand, it is a market doomed to grow.
The remarks of the Secretary of State did not fail to react. Agnès Pannier-Runacher on Thursday denied the role that is attributed to the American asset management company Blackrock in the context of the reform of the pension system.
But his words put something back in the machine: “it’s a box of Smarties on the French market, it does not represent anything compared to their asset management. […] let’s stop believing that we are at the center of the world, ”declared the Secretary of State to the Minister of the Economy and Finance on BFM TV-RMC.
Legion of Honor: BlackRock denounces an unfounded controversy
And for good reason, the assets under management – in other words, the money that BlackRock’s clients have entrusted to it – weigh nearly 7 trillion dollars (6.180 billion euros) in the world. Of this total, the French market represents “only” 27 billion euros.
The potential of the French market
Except that not everyone is of this opinion. “It is not a box of Smarties, the question of pensions in France, it is part of a logic of expansion of this type of asset fund”, replied on LCI the candidate EELV for the town hall of Paris David Belliard. It is true that BlackRock has never hidden from being interested in the pensions of the French. It’s even in his DNA, his boss, Jean-François Cirelli, the man decorated on Wednesday recalled last year.
What BlackRock really said about pensions in France
However, the PACTE law actually intends to increase the outstandings of retirement savings from 230 billion euros today, to 300 billion in 2022. In a note in June, the group was also enthusiastic about the economic potential that represents this law for its activities. BlackRock intends to take advantage of the expansion of this market. But it is not the only one in the niche: Amundi (which manages 812 billion euros in France), Natixis and its galaxy of affiliates, Axa, BNP Paribas and a whole myriad of companies are in the starting blocks.
But, in France, the savings market is not limited to the retirement savings sector. Life insurance or the livret A are considered the preferred investments of the French and represent a much larger windfall that can be of interest to any asset manager.