French Hedge Fund Guide
1 Page Guide to Hedge Funds in France
Here is a short collection of articles on the
hedge fund industry in France. I am always looking for more valuable online tools and resources to add to these
geographical hedge fund guides to the hedge fund industry. If you have a white paper or PowerPoint that I can include here please send me an email and I will post it for everyone's benefit.
- Great in depth, thorough overview of hedge funds by the Bank of France
- France's alternative investment industry has taken a major step forward with the approval by the Autorité des Marchés Financiers, of the first funds under a regime known as ARIA EL. The French acronym stands for Agréé à Règles d'Investissement Allégées, à Effet de Levier, and signifies that the fund is authorized to operate under less constrained investment rules and to use leverage.
- Survey indicates rapid growth of French hedge fund market: Total assets under management: France ranks second after Luxemburg in terms of retail assets under management with EUR 982 billion and is one of the countries with the most diversified range of products. France has traditionally had one of the highest saving rates in Europe.
- If there is one thing that unites both candidates in France's presidential run-off this Sunday, it is a shared belief that Anglo Saxon hedge funds are the great villains of modern civilization. Nicolas Sarkozy, the neo-Gaullist favorite, has vowed to "hit predators" with a tax on speculative investments - apparently a version of the Tobin tax, a staple of populist discourse in Europe for years.
- The French right has now joined the game of ECB bashing. European newspapers report with bewilderment yesterday's radio interview by prime minister, Dominque de Villepin, who called for a "clarification" over who is responsible for the euro area's strong exchange rate. What Mr. de Villepin presumably did not know is that this issue has in fact been clarified some time ago, though perhaps not in the way he wishes.
- In the past decade significant progress has been made in achieving a single European market for investment funds. The ratio of cross-border fund flows has reached an estimated level of more than 20%, and in some European countries the number of registered non-domestic investment funds exceeds that of domestic funds. These are important achievements for the industry. A true single market in the fund business is not just ‘nice to have’. Only an enlarged and unified single market will allow the industry to achieve economies of scale. Today, the average fund size in the U.S. is six times that of Europe.
- Another great overview to the hedge fund market in France
- Further indications of the financial damage done by the collapse of Sentinel Management Group started to emerge on Wednesday when Capital Fund Management, a Paris hedge fund, said it stood to lose 10 per cent of its assets as a result of the cash management firm’s troubles.CFM said in a letter to 600 clients that its Discus Master Fund probably faced losses of $407m. Sentinel’s collapse contributed last week to wild swings in global stock and credit markets.
- Activist hedge funds have struck their first victory in France, building on successes in Britain and the Netherlands, where their aggressive tactics have forced several companies to bend to their will. Centaurus Capital and Pardus Capital Management got their way at French IT services company Atos Origin on Wednesday, with the ouster of Chairman Didier Cherpitel and appointment of Jean-Philippe Thierry as chief executive and the creation of a strategy committee.
- With high net worth individuals in mind the French regulator has introduced rules to provide for structures that are allowed to invest in hedge funds. The prospect of jail may still face foreign hedge funds caught marketing in France, but the rules governing investment in alternative assets by French mutual funds (OPCVM) have just been relaxed. The Autorité des Marchés Financiers (AMF) has introduced regulations to provide for new OPCVM structures that are allowed to invest in hedge funds.
- Another in depth article that tackles French hedge funds from a legal and regulatory perspective.
- When "the European hedge fund market" is mentioned, it is usually in reference to the trading that goes on in London. According to hedge funds statistics firm Eurekahedge, about two-thirds of all European hedge funds are domiciled in the UK, and these account for about two-thirds of the total assets under management (AUM) of European funds. While hedge funds certainly trade in continental European securities, relatively few have a legal base in those countries.
- When Pardus Capital, an American activist fund, built a stake in Valeo, a French maker of car parts, its partners, Karim Samii and Behdad Alizadeh, frequently criticized the company’s strategy. Local advisers told them to keep quiet. To get anywhere in France Inc, Pardus learnt, it needed to be polite. Shareholder activism in France is on the rise. Several big firms, including Saint- Gobain, a building-materials firm, and Carrefour, a retailer, have recently accepted shareholders onto their boards. But even for the most well-mannered and long-established investment funds, trying to influence corporate strategy is proving controversial and difficult.
- ADI, one of France’s oldest and best known hedge fund managers, has been forced to close five of its funds after failed bets on Lehman Brothers, in what is expected to be the first of a series of casualties in the industry since the collapse of the US investment bank.
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