Previously seen as a highly unionised, malcontent faction, holed-up in the unsightly, concrete wind-tunnel of La Défense on the Parisian margins, the €3.8tn ($4.3tn) quant-flavoured French asset management industry is at last starting to sing its own praises. Among its 635 firms, are big players Amundi, BNP Paribas and Axa, and more fashionable arrivals Carmignac.
“France is not in the hands of investment consultants like the institutional markets of the UK and US,” says Jean-Louis Laurens, Ambassador for French Asset Management at Paris Europlace, and a former colleague of Mr Macron at Rothschild.
“Consultants are the enemy of innovation. France has innovated more due to our mathematical tradition and focus.”