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Pension organizations and regulatory changes


Natixis Investment Managers and Natixis Asset Management rise to the challenge.

Natixis Investment Managers’ French sales team, alongside its subsidiary Natixis Asset Management, welcomed representatives from pension organizations for a lunch meeting on January 16. This innovative and extensive event was aimed at sharing the investment management company’s analysis and expertise with our clients, along with solutions on devoted vehicles it offers to address regulatory changes arising from French decree
No. 2017-8871.

Decree No. 2017-887 is considerably more restrictive than current legislation on the choice of asset classes and geographical regions. The pension bodies affected by this new legislation2 will now have more limited leeway to define the rules for managing their reserves and will have to review their current investment portfolios to comply with the decree.

Against this backdrop, Natixis Investment Managers and its investment management subsidiary Natixis Asset Management have taken the initiative of supporting clients very early on in the process to enable them to get ready to address these fresh regulatory restrictions.

This is the first time that a regulation-related client event sees legal departments, sales departments and client services join forces in the same conference”, notes Antoine Tiago, Deputy Managing Director and Institutional Sales Director at Natixis Investment Managers, who tasked Natixis Asset Management with looking into the decree and the various investment vehicles (UCITS/AIF) that could be offered to clients to address these fresh challenges.

Antoine Tiago was keen to provide a forum for the group’s experts to meet with clients, so during the lunch conference Laurence Lesieur-Bourdeix, Head of Legal at Natixis Asset Management, had the opportunity to share analysis of the decree and answer the various questions raised.

I am used to reading this type of complex document, so was able to help decipher the decree. This whole analysis and assessment phase took around two months and concluded with the presentation we organized on January 16 with a number of pension organizations and their consultants”, noted Laurence Lesieur-Bourdeix, Portfolio Research and Consulting Group (PRCG), the team in charge of portfolio construction, then presented a simulation of the impact of the decree on a portfolio in order to highlight the extent of the changes.

Our role involved assessing the impact of full application of the decree on the risk and diversification of a typical pension institution portfolio. Presentations were followed by a time of very meaningful discussions, highlighting Natixis Investment Managers’ “service” approach that truly sets it apart from the crowd. The Active Thinking platform reflects our commitment to conviction-led active investment management. On the basis of this approach, the company designs solutions that better address clients’ needs than standardized passive investment products”, notes Julien Dauchez, Head of PRCG Consultants at Natixis Investment Managers.

Thirdly, teams presented open-end funds that are eligible for new regulation3, while further in-depth discussions will be held with clients following this event. The conference ended with a long and insightful Q&A session.

This event reflected clients’ increasing need for support to steer their way through current regulatory changes.

Natixis Investment Managers and subsidiary Natixis Asset Management are dynamic asset management players and join forces to provide practical and pragmatic solutions to the range of multi-dimensional issues that clients face, primarily regulatory changes.

Sincere thanks from clients who attended the event reflect the success of this lunch conference, along with their use of materials provided by Natixis Asset Management and Natixis Investment Managers.

1 The decree was published on May 10, 2017 in the official journal and comes into effect on January 1, 2019. It outlines rules for governance for the various pension bodies listed below as regards financial management, required documents on the policy for managing investment systems and risk management, set-up for internal control and monitoring on investments, as well as rules that apply to these investments.
2 Decree No. 2017-887 dated May 9, 2017, for bodies outlined in article L. 641-1 of the social security code; the body mentioned in paragraph 1, article L. 382-12 of the social security code; bodies mentioned in article L. 611-4 of the social security code; the French barristers’ pension body; the pension body for professional civil aerospace flight personnel; the pension body for notaries and notary clerks; the pension body for the agricultural sector.
3 These open-end funds will be eligible for new regulation via adaptation of regulatory documents involving them.

Find out more about decree No. 2017-887 (in French only)

This document is intended for professional clients in accordance with MiFID. It may not be used for any purpose other than that for which it was conceived and may not be copied, diffused or communicated to third parties, in part or in whole, without the prior written authorization of Natixis Asset Management.

None of the information contained in this document should be interpreted as having any contractual value. This document is produced purely for the purposes of providing indicative information. It constitutes a presentation conceived and created by Natixis Asset Management from sources that it regards as reliable. Natixis Asset Management reserves the right to modify the information presented in this document at any time without notice.

Natixis Asset Management will not be held responsible for any decision taken or not taken on the basis of information contained in this document, nor in the use that a third-party may make of it. The analyses and opinions referenced herein represent the subjective views of the author(s) as referenced, are as of the date shown and are subject to change. There can be no assurance that developments will transpire as may be forecasted in this material.

Non-contractual document, written in February 2018.

Natixis Investment Managers S.A. is a Luxembourg management company that is authorized by the Commission de Surveillance du Secteur Financier and is incorporated under Luxembourg laws and registered under n. B 115843. Limited Liability Company with share capital of €7,000,000.00. Registered office of

Natixis Investment Managers S.A.: 2 rue Jean Monnet, L-2180 Luxembourg, Grand Duchy of Luxembourg.
Natixis Investment Managers Distribution – Subsidiary of Natixis Investment Managers S.A. in France – registered office 21, quai d'Austerlitz, 75 013 Paris (France).

Natixis Asset Management – Asset management company regulated by AMF under n° GP 90-009 – Limited Liability Company with share capital of €50,434,604.76 – RCS Number Paris 329 450 738 – Registered Office: 21 quai d’Austerlitz, 75013 Paris.