Publication of the 2023 asset management key figures report

As part of its monitoring of the asset management sector, the AMF has access to the annual disclosure sheets and annual control reports submitted by portfolio asset management companies (AMCs). These documents contain quantitative information about their assets under management, and on the income and expenses related to their management activity carried out in France. This information is used by the AMF's Asset Management Directorate for analytical purposes.

Sector overview

As at 31 December 2023, there were 700 portfolio asset management companies authorised in France. In terms of employment, the sector posted a significant increase, with 23,917 full-time equivalent employees, up 8.6% on the previous year. This trend is mainly driven by ‘entrepreneurial’ companies, although bank and insurance company branches still dominate the market.

Financial performance

The assets managed by French portfolio asset management companies have rebounded significantly, reaching €4,970 billion by the end of 2023, following a significant fall in 2022. The management companies’ operating income also reached an all-time high of €21.6 billion, up 3.6% on the previous year. However, their overall operating profit fell by 7.5%, primarily on account of a 6.7% increase in operating costs compared with 2022. This downturn comes against an economic backdrop that is marked by inflation and persistent uncertainties, linked in particular to ongoing geopolitical tensions.

Control system

In 2023, the portfolio asset management companies devoted 179,145 person-days to compliance and internal control functions. The proportion of staff dedicated to these functions accounted for 3.2% of the total workforce declared at the end of 2023. As regards risk management, the management companies dedicated 144,633 person-days to this function in 2023, representing a rise of 15.2% since 2022.

Own funds

The total level of own funds declared by French portfolio asset management companies was €6.56 billion at the end of 2023. At the same date, 27 management companies had insufficient own funds as regards the applicable regulatory requirements. Simultaneously, 506 management companies had a substantial own funds cushion, i.e. equal to or greater than 30% of the requisite level.