Democratization of private assets: the issues behind the new regulations

Why does the State want to direct French savings towards private investment funds? Can/does the insurance market want to support this development? What are the conditions for structuring and marketing new products? Do relaxations concerning eligible assets and product design make ELTIFS funds attractive (for managers)? Crossed views between the Ministry of Economy and Finance, an insurer, an asset manager and a private bank.

Small group meeting, hosted by Agnès Lossi, associate director at the consultancy firm Indefi.

From 7:00 p.m. to 8:00 p.m. followed by a cocktail dinner. Reserved for Khiplace members only.

With the participation of:

• Yves Desjardins , Managing Director of Schroders France
• Sébastien Piednoir , deputy head of the Treasury’s Savings and Financial Markets office
• Claire Soulairac-Mattera , head of engineering and risk management at CNP Assurances
• Julie Nadal , Investment Director at Société Générale Private Banking

Topics of discussion:

• Directing capital towards businesses, the long term and financing of SMEs and ETIs (link with the green industry law)
• The role/place of digital platforms
• The place of unlisted assets in individual portfolios? What offer for what type of client (HNW, Mass affluent, retail)
• The topic of liquidity
• Other obstacles to development? sales training, market environment, competition from liquid assets
• Eligibility of SC in life insurance
• Offering European retail investors the opportunity to invest in vehicles other than UCITS funds
• A long-term vehicle suitable for private equity and infrastructure
• Expansion of eligible assets
• Portfolio composition rules: lowering the minimum quota invested in eligible assets, relaxing diversification ratios
• The possibility of structuring ELTIF funds of funds and ELTIF master-feeder structures
• An easy-to-implement European passport
• The removal of the minimum entry ticket
• Tailored information
• Changes to the derogation framework allowing for redemption possibilities before the end of the fund's life
• Application of MiFID 2 rules