PARIS - Novethic, a subsidiary of the Caisse des dépôts (CDC), is a resource center for socially responsible investment. Below, Novethic presents the highlights of the SRI* investment market in France for 2004: net change in SRI assets under management, number of funds available, and principal trends. Two facts sum up the SRI market in 2004: funds under management surpassed the 5-billion euro mark, and French SRI funds increased their assets under management by 24%.

2004: the 5-billion euro mark is reached
Total assets under management by open-ended SRI funds available in the French market (both domestic and foreign funds) surpassed 5 billion euros in 2004, compared with 4.4 billion euros at year-end 2003 and 2.5 billion euros at year-end 2002. In other words, total funds under SRI management have doubled in two years.

One of the highlights of 2004 was the significant increase in SRI assets managed by French funds, which today total nearly 3.6 billion euros, versus 2.9 billion euros the previous year-a 24% increase in just one year. At year-end 2001, assets under French SRI management totaled 920 million euros, making for a spectacular rise. Assets under French SRI management have grown nearly fourfold in just three years.

At year-end 2004, a total of 122 funds were available to investors in the French market, as opposed to 108 in 2003 and 80 at year-end 2002, an increase of more than a third in two years.

A market constantly on the move
A number of new players entered the French market last year (Orsay Gestion, JP Morgan Fleming, Fédéris Gestion). More striking still is the fact that a number of French players have beefed up their SRI fund ranges: Prado Epargne, Macif Gestion, HSBC AM, I.DE.A.M, and Phitrust Finance, all of which created new vehicles or shifted the focus of existing funds to SRI management processes.

Vigeo is still the leading social rating agency, supplying 47% of all asset management firms. Eiris is in second place once again, with 13% market share, but Innovest moved up three notches and has captured 10% of the market.

Dexia AM and BNP PAM affirm their leadership in 2004
Dexia AM confirmed the trend observed in early 2004, passing the 1-billion euro mark for its SRI funds available in France, while BNP PAM continues to close in on the French-Belgian leader.

Macif Gestion moved from sixth place in 2003 to third place in 2004, notably thanks to the strong rise in its bond and money market funds during the year. I.DE.A.M held on to its fourth place ranking, with nearly 400 million euros under SRI management. UBS AM fell from third place to seventh in 2004, while Ixis AM remained in fifth place. AXA IM moved up a notch, from seventh to sixth place.

"L'essentiel de l'ISR," a quarterly barometer of socially responsible investment in France, is available by subscription.

*Socially Responsible Investment is defined as managing funds invested on the basis of extra-financial criteria, notably social and environmental considerations. Fund managers that have adopted this practice use the services of analysts specialized in rating the performance of listed companies in these areas. For more information on SRI, visit the Novethic web site by clicking here. To access the latest indicator, click here.

About Novethic:
A subsidiary of Caisse des dépôts, Novethic is France's top center for resources, information and expertise pertaining to SRI and corporate social and environmental responsibility. Its web site (www.novethic.fr) is a comprehensive resource, covering all aspects of sustainable development and corporate citizenship.

Novethic

Novethic

A subsidiary of Caisse des Dé©pé´ts et Consignations, Novethic is a leading center for resources, information and expertise pertaining to SRI and corporate social and environmental responsibility. Its web site http://www.novethic.fr is a comprehensive resource for responsible economic actors.

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