All France articles
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Asset Manager NewsDeka Immobilien acquires prestigious office property in Paris
Deka Immobilien has acquired an office property in Paris for EUR 165 million. The seller was the real estate fund Encore+ managed by LaSalle Investment Management. The property will be added to the portfolio of the open-ended real estate fund WestInvest ImmoValue, which is intended for institutional investors.
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FTSE Russell study on EU Paris-aligned benchmarks
Climate transition benchmarks have become a focal point for investors looking to integrate climate risks into their portfolios and align them with the climate goals of the Paris Agreement (or “Paris-aligned” benchmarks). This has fueled an active interest among investor groups and regulators to identify criteria that can be used to define such benchmarks. Accordingly, the EU tasked the Technical Expert Group (TEG) to develop recommendations for minimum benchmark requirements that are aligned with the Paris Agreement objectives and address the risk of greenwashing.
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Transition to a 1.5°C World with the S&P Paris-Aligned & Climate Transition Indices
The landmark Paris Agreement marked a sea change in the global fight against climate change. Backed by empirical evidence from the UN Intergovernmental Panel on Climate Change (IPCC), ambition has since grown to limit global temperature rise to 1.5°C since pre-industrial levels.
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S&P DoFAQ: S&P Paris-Aligned and Climate Transition (PACT) Indices
The indices measure the performance of eligible equity securities from an underlying benchmark index, selected and weighted to be collectively compatible with a 1.5ºC global warming climate scenario and to meet several other climate-themed objectives at the index level, as at each rebalance. PA and CT stand for the S&P Paris-Aligned Climate Indices and S&P Climate Transition Indices, respectively.
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FAQ: S&P Paris-Aligned and Climate Transition (PACT) Indices
S&P Dow Jones Indices (S&P DJI) is the largest global resource for essential index-based concepts, data, and research, and is home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes, helping to define the way investors measure and trade the markets.
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Business as Usual for the S&P Paris-Aligned Climate Indices
On April 20, 2020, the S&P Eurozone LargeMidCap Paris-Aligned Climate Index (S&P Eurozone PA Climate Index) was launched (see press release). This index has been designed to align with recommendations from the Task Force on Climate-related Financial Disclosures and follow the new minimum standards for EU Paris-Aligned Benchmarks proposed by the EU,[1] while remaining as close as possible to its benchmark index, the S&P Eurozone LargeMidCap.
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Credit Risk Sensitivity To Carbon Price
In order to meet the objectives set by the Paris Climate Agreement, global greenhouse gas emissions must be drastically reduced. One way to achieve this goal is to set an effective carbon price. Although beneficial for the climate, a rapid increase in this price can have a significant financial impact on corporate firms.
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The S&P Eurozone Paris-Aligned Climate Index Concept: A Greenwashing Minimization Approach to High Climate Impact Sector Neutrality
In January 2020, S&P Dow Jones Indices released a paper for the S&P Eurozone Paris-Aligned Climate Index Concept (PAC Concept). The PAC Concept aims to align with the proposals of the EU Technical Expert Group on Sustainable Finance (TEG), as published in its Final Report on Climate Benchmarks and Benchmarks’ ESG Disclosure dated September 2019,[1] for the Paris-Aligned Benchmark—the more stringent of the two benchmarks proposed by the EU.
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The S&P Eurozone Paris-Aligned Climate Index Concept: Implementing the Proposed EU Climate Benchmark Regulation
In January 2020, S&P Dow Jones Indices (S&P DJI) released a paper for the S&P Eurozone Paris-Aligned Climate Index Concept (PAC Concept). The PAC Concept conceptualizes the proposals of the EU Technical Expert Group on Sustainable Finance (TEG), as published in its Final Report on Climate Benchmarks and Benchmarks’ ESG Disclosure dated September 2019,[1] for the Paris-aligned benchmark and incorporates transition risk, physical risk, and climate opportunities, as laid out by the TCFD[2] (see Exhibit 1).
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Asset Manager News
PATRIZIA opts to go green in France
As part of its sustainability drive, PATRIZIA AG has switched over to renewable energy sources in France.
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The S&P Eurozone Paris-Aligned Climate Index Concept Sensitivity Analysis: Decarbonization over Time
To meet the proposals for CTBs or PABs,[1]—as published by the EU Technical Expert Group (TEG) in its Final Report,[2] —active share[3] and therefore tracking error are uncertain over time,[4] due to the TEG’s absolute decarbonization proposal.[5] This blog assesses the S&P Eurozone Paris-Aligned Climate Index Concept’s (PAC Concept) potential active share sensitivity to future decarbonization, to align with a 1.5 °C scenario.[6]
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Personal Values, Responsible Investing And Stock Allocation
We analyze the portfolio choices of approximately 965,500 active participants in employee saving plans in France. Looking at the cross-section of equity exposure, we find that the inclusion of responsible equity options in the menu of available funds is associated with a 2.4% higher equity allocation by plan participants.
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Blog: The Paris climate targets require investors to act
On the subject of achieving the Paris climate targets, Jane Ambachtsheer, Head of Sustainability at BNP Paribas Asset Management, is forthright. She says the world will not hit the mark of capping global warming at 1.5 degrees Celsius if we wait for governments to act. That judgment helps explain BNPP AM’s drive to ensure that investments contribute to attaining the climate goals.
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Asset Manager News
La Française, mandated by PFA for a French senior housing portfolio
La Française is pleased to announce the signing of a mandate with PFA, a leading Danish pension fund, for the acquisition and management of a senior housing portfolio. The mandate will be launched with an initial equity investment of €100 million and have a geographic focus on France.
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Asset Manager News
CORESTATE closes acquisition of STAM Europe: market entry into France
CORESTATE Capital Holding S.A. (CORESTATE), a leading independent real estate investment manager in Europe, closes today the acquisition of STAM Europe, Paris, after the French regulatory authority AMF gave its approval. CORESTATE’s assets under management (AuM) thus grow by c. EUR 2 bn to EUR 28 bn. On closing the transaction, CORESTATE will be expanding its product range, in particular its very successful micro living platform, into France. Simultaneously, the company will offer an enhanced market access to its clients as well as extending its institutional investor base.
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Asset Manager News
Climate protection at the expense of personal convenience
Two different yardsticks are being used in the current climate debate. The “Perspective Renewable Energies” publication from investment and asset manager KGAL looks at the reasons behind this. Portfolio manager Alexander Rietz also describes the strategy of the KGAL ESPF 4 renewable energies fund. His colleagues give recommendations for negotiations with French business partners.
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Core Matters Investment Returns: A 5-year perspective
2019 has seen huge inflows into Fixed Income (FI) funds and outflows from Equities. From a medium-term return perspective this makes no sense. The formidable demand for safe assets reflects cyclical and structural forces (e.g. ageing). No matter the economic scenario, FI returns over the next five years ...
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French Pension Reform (An Update)
At the time we were writing the Thematic Paper entitled “French Pension Reform: A Trojan Horse for Better Control of the State Budget?”1, the financial sustainability of the French pension system looked certain. Since then, the government has set a new savings goal, with the aim of achieving financial equilibrium by 2025, and in doing so has prematurely ejected from its Trojan horse… This adds a whole new challenge to an already high-risk reform.
