A look back at the meeting of April 15, 2026 on the delegation of management

🙏 A big thank you to the participants for the quality of the discussions:

• Muriel Tailhades (Zenith AM – Crystal Group)

• Julien Mechler (BNP Paribas AM)

• Thierry Guérillot (Myria AM)

• Alain Sigoillot (CPR AM)

  
  

👏 And thank you to Etienne Stofer (investment consultant) for moderating this rich and dynamic round table.

Outsourcing of financial management: a booming European market facing new savings challenges

Experts and major players in asset management have come together to decipher a profound transformation of the sector: the spectacular rise of delegated management (fund hosting / subadvisory).

Impressive market dynamics

With the European market growing from approximately €900 billion in 2021 to a projected €1.7 trillion by 2027, outsourcing is emerging as a new standard. Long dominated by the United Kingdom, the model is now rapidly gaining ground in France and Southern Europe, driven by evolving distribution networks and customer expectations.

Complementary stakeholder strategies

The discussions highlighted several approaches:

• Industrialization and rationalization of platforms (BNP Paribas AM)

• Intermediary role for institutional investors (CPR AM / Amundi)

• Consolidation and structuring of wealth management networks (Zenith AM / Crystal Group)

• Development of customized "white goods" (Myria AM / UFF Group)

A win-win model

The delegation is appealing because of its tangible benefits:

✔️ Cost reduction (up to 50 bps)

✔️ Direct access to management expertise

✔️ Increased flexibility in the choice of managers

✔️ More stable assets under management for asset managers

ESG, an essential step

ESG criteria are now becoming a non-negotiable standard, with strengthened compliance controls and a decisive role in calls for tenders.

What are the prospects?

Two strong trends are emerging:

• The rise of model portfolios , which are more agile and less expensive

• Retail adoption remains cautious, in a context of increased risk aversion.

👉 In conclusion, delegated management is no longer a niche but rather a structural evolution of the industry, at the heart of the transformations of savings in Europe.