I would say that the asset management market breaks down into three major categories. The first is a mass model that is low-cost as it is based on simply replicating indexes (CAC40, S&P, etc.). The Group is very well placed with Lyxor, one of the European ETF champions, with market share of more than 20%.

Then there is a high-alpha model, which is higher-priced and based on solid expertise and convictions that are likely to generate high returns as well as greater volatility. This is the historical positioning of our US subsidiary Trust Company of the West ( TCW). It has acknowledged expertise in equity investment and in certain US interest-rate niches, expertise that has been expanded by the recent acquisition of Metwest.

The third model, traditional investment management, aims to cover a broader range of clients, products and geographies. In so doing, it naturally generates a greater cost base than the two other models. To keep its rates attractive it has to generate greater and greater volumes, hence the consolidation trend that we are seeing. Skill in running retail networks is one of the keys to the success of Amundi, a joint-venture recently set up by Crédit Agricole and our Group. With Amundi, we hold 25% of Europe’s third largest asset manager. Through Société Générale Gestion and Etoile Gestion, the Société Générale and Crédit du Nord networks have a team dedicated to designing and implementing marketing initiatives with special tools, services and training.