French Asset Managers Have Little Confidence That Economic Recovery Is Close - RBC Dexia Poll

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 economic recovery.

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 reached.

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 improves."

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 crisis.

Notes:

*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 administration.

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

For further information:

Europe     
Adam Lister  
+44 (0)20 7653 4978 / +44 (0)7912 552 421
adam.lister@rbcdexia.com

North America/Asia Pacific
Jason Graham
416-955-5800
jason.graham@rbcdexia.com 

F T I Consulting
Louise Riordan
+44 (0)20 7269 9308 / +44 (0)7515 597 556
Louise.Riordan@fticonsulting.com

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