2024-10-17 04:00:00
Pushed for several years to boost their life insurance by subscribing to unit-linked support (the capital of which is not guaranteed by the insurer), savers have tended, to do this, to favor “turnkey” management. hand “.
Managed over time, either by the insurer’s management company or by an external partner (often renowned houses such as Lazard Frères Gestion, Edmond de Rothschild Asset Management, Sycomore AM, Carmignac, etc.), these offers are available in different more or less active profiles, depending on the subscriber’s risk aversion and their investment horizon. Each network having deployed its own ranges, these delegated managements have multiplied into varied – and not always legible – allocations that the legislator has just refocused around a few common principles.
In application of the law relating to the green industry of October 23, 2023 and a decree published in July, coming into force on October 24, 2024, insurers are now obliged to reference at least three types of controlled profiled management .
To be labeled “prudent”, “balanced” or “dynamic”, the managed management in question must contain a minimum percentage of low-risk supports, respectively 50%, 30% and 20%. If the investment horizon exceeds ten years, these shares may go down one notch, to 30%, 20% and 10% respectively. To be considered “low risk”, the underlying assets concerned must present a volatility indicator (called SRI) less than or equal to 2. “This should strengthen the weight of euro funds compared to bond and diversified funds, and help to clarify the definition of the different profiles”judge Olivier Malteste, investment director at Yomoni.
Investing in unlisted assets
Like what it now imposes within the framework of the retirement savings plan (PER), the law on green industry encourages savers to further support the real economy by imposing, in two of the management profiles managed, an irreducible portion of funds invested in companies not listed on the stock exchange (the private equity). It is set at 4% for the “balanced” piloted profiled management and at 8% for the “dynamic” version. There is no obligation to invest in unlisted assets for the “prudent” profile.
The exhibition in private equity will essentially (85% at least) be “encapsulated” in alternative investment funds of different types: European long-term investment funds (Eltif), risk mutual funds (FCPR), funds private equity professionals (FPCI) and specialized professional funds (FPS).
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