PARIS, June 26, 2012 /CNW/ - More than three-quarters (78%) of French
asset managers surveyed in an RBC Dexia poll have little or no
confidence the government will be able to revive France's economy, and
they have little more faith in the ability of European or global
governments to resolve the broader financial crisis.
In a poll of 55 French asset managers conducted in Paris three weeks
after the country's presidential elections, only twenty percent of
those surveyed said they were quite confident in the new government on
Their faith in Europe as a whole was only slightly better. Two-thirds
(62%) displayed little confidence that the European leadership could
foster a positive resolution to the financial crisis, and the remaining
third (38%) were only 'quite confident' that a solution might be
This assessment was also reflected in their opinions of the ability of
governments worldwide to get to grips with the crisis. A majority of
sixty-two percent had no confidence the crisis would be resolved by
them, while only thirty-eight percent expressed a degree of confidence.
The majority (60%) of those polled thought it would take four to five
years for the crisis to be resolved.
However, only one in five respondents saw the crisis lasting six years
or more. Indeed, over half of asset mangers polled (55%) believe that
views of the current crisis were over-pessimistic.
Philippe Legrand, Managing Director of RBC Dexia in France, said:
"Although still waiting for signs that recovery is around the corner,
the French asset management industry is one of the largest and most
resilient in Europe and has successfully navigated the current crisis
to date. As such, it remains well positioned to benefit from the
economic recovery when the right conditions return and confidence
French asset managers also back the new government's belief that
austerity alone is not enough to resolve the eurozone crisis.
Two-thirds of the participants (65%) were not confident that this
strategy would be effective, while only one in three (35%) were 'quite
confident' that the austerity measures would work.
There are other reasons to be optimistic. Some 42% of respondents
thought the French equity market would rise between now and the end of
2013 versus just 29% who thought it would fall, while 27% believed that
it would remain at current levels. There is also a high level of
confidence (87%) in the ability of custodian banks to provide the
services and support that asset managers need in the current financial
*Poll conducted on May 31, 2012. The questionnaire was completed by 55
French asset managers and of those who stated their assets under
management (AuM) 62% had AuM of up to €500million, 19% were in the
range €500million-€1billion, while 19% had AuM of more than €1billion,
including 13% with AuM in excess of €5billion.
The full poll results can be viewed here
About RBC Dexia Investor Services
RBC Dexia Investor Services offers a complete range of investor services
to institutions worldwide. Our unique offshore and onshore solutions,
combined with the expertise of our 5,500 professionals in 15 markets,
help clients grow their business and sustain enhanced performance
through efficiency improvements and robust risk management practices.
Equally owned by RBC and Dexia, the company ranks among the world's top
10 global custodians with USD 2.7 trillion in client assets under
RBC Dexia came out on top of this year's R&M Consultants Global Custody
Survey , was named #1 global custodian overall for the Americas and
EMEA in Global Investor's Global Custody Survey and was named Fund
Administrator of the Year - Luxembourg at the 2011 ICFA Europe Awards.
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RBC Dexia Investor Services Limited is a holding company that provides
strategic direction and management oversight to its affiliates,
including RBC Dexia Investor Services Trust, a trust company,
supervised in Canada by the Office of the Superintendent of Financial
Institutions, and authorized to carry on business in the U.K. by the
Financial Services Authority. All are licensed users of the RBC
trademark (a registered trademark of Royal Bank of Canada) and Dexia
trademark (a registered mark of Dexia Crédit Local) and conduct their
global custody and investment administration business under the RBC
Dexia Investor Services brand name.
SOURCE RBC Dexia Investor Services
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