Task Force on Asset Allocation in Europe
BACKGROUND
Many factors – changing economic/financial conditions, evolving demographics and regulatory as well as technological developments – will impact asset allocation in the coming years. The purpose is to contribute to the public debate about the need to facilitate European households’ access to savings/investment products with stable returns over time, and to promote long-term investment across the EU through more capital markets-based financial intermediation.
MAIN OBJECTIVE
This Task Force aimed to engage a diverse group of stakeholders in a structured dialogue in order to: 1) identify the factors at macro- and micro- level driving investment decisions; 2) analyse their impact on households/retail investors and on different categories of financial intermediaries; and 3) put forward a list of recommendations to strengthen the long-term savings & investment channels in Europe.
The Capital Markets Union (CMU) initiative has set out important priorities in the area of asset allocation, namely fostering retail participation, promoting long-term, sustainable investment, and removing barriers to cross-border activities. The opinions on the progress (or lack thereof) of the project are certainly mixed. CMU remains as relevant as ever, but it needs rethinking as well as renewed political support.
ORGANISATION
Chairman: Jean-Pierre Pinatton, Member of the Supervisory Board, Oddo BHF
Rapporteur: Cosmina Amariei, Researcher, ECMI
This Task Force is organised around dedicated meetings (panel debates, roundtable discussions, presentations). In order to bring more transparency into the general proceedings, summary reports are published after each meeting. Targeted bilateral consultations and in-depth research are conducted in parallel.
The structure of the meetings as well as the drafting process are based on an independent agenda. The content of the final report is attributed solely to the rapporteurs and not to ECMI, CEPS or any individual member of the Task Force. The external experts joined the Task Force in their personal capacity and may not necessarily endorse the full list of recommendations and/or overall conclusions.
TIMELINE
MEETING 1 - 14 June 2017
FOCUS: 1) short vs long term investment; 2) asset managers
Agenda 1st Interim Report Presentations
MEETING 2 - 24 October 2017
FOCUS: 3) insurance companies; 4) pension funds
Agenda 2nd Interim Report Presentations
MEETING 3 - 20 March 2018
FOCUS: 5) retail investors; 6) sustainable finance
Agenda 3rd Interim Report Presentations
MEETING 4 - 31 October 2018
FOCUS: Workshop on policy and market implications
CONSULTATION - June to October 2019
FINAL REVIEW - November to December 2019
FINAL REPORT - March 2020
PARTICIPATION
These are closed-door meetings, with the participation being limited to the members of the experts group and broader task force, academic/policy/industry observers and selected invitees.
CONTACT US
Please do not hesitate to contact Cosmina Amariei by email at: cosmina.amariei@ceps.eu or by phone on +32 222 93 955.