Patrick Werner Chief Executive of La Banque Postale, Chairman of the Supervisory Board of La Banque Postale
Private "La Banque Postale democratizes the management mandate to direct"
(Easybourse.com) This morning a press conference was organized by La Banque Postale in order to put forward a mandate to manage a direct line from 75 000 euros. A single bid to
date on the french market. Usually, management under mandate is available from 500 000 euros, or 1 million.
On this occasion Patrick Werner, Chairman of the Executive Board of La Banque Postale and President of the La Banque Postale Private Management explained the ins and outs of this contract.
Below is the verbatim of the main statements to the press.
Why did you decide to increase your expertise in managing private? The purpose is not to say that the management under mandate is better than managing mutual funds. It is
something else. This responds to the needs, expectations, different temperaments. Profiles of different investors are concerned.
How did you determined the threshold of 75 000 euros? We have the sense of La Banque Postale a golden rule which is to make it as accessible as possible all our savings
products. Thus, in the field of life insurance, the contract Vivaccio is available with an initial payment of 75 euros.
Then, life is long. Someone who has only 75 euros to 20 years will perhaps 1500 to 30 years, 15 000 to 40 years and 150 000 to 50 years.
That day, that person there may be recalled that one who has accepted and proposed to bring in an attractive savings product is La Banque Postale.
What part represents clients who have a mandate from management within the group?
The proportion of these customers within the group is comparable to that of one of the biggest French banks.
There are about 10 000 customers who have over 500 000 euros in financial assets within La Banque Postale. 720 000 customers who have 150 000 euros.
Customers who opted for a term of management are approximately 2200.
We are accordingly at the beginning of history. We launched this activity in 2006.
Beyond the numbers, these customers are important assets means.
We see La Banque Postale bank as a modest person. The reality is quite different.
This explains our concern recurring save our services at the best level of the market for not only attract new customers but also retain our existing customers.
These customers are also holders of A booklet? We have a number of clients of La Banque Postale who did not book A La Banque Postale.
That is one point on which we are trying to act.
How do you explain your partnership with Oddo et Cie? This partnership is because we needed to complement our know-how.
Oddo we seemed to be the partner that we are best suited to professionalize this activity.
We have finalized our agreement in October 2007 under market conditions somewhat difficult. We have tipped the titles of our customers on December 31, 2007. We then made the choice of CEO of the
company in January. The teams have moved in March.
What is the share held by Oddo in society? It is 49%.
You have installed the team at La Banque Postale Private Management in the company's premises Oddo et Cie. Why?
This is very significant to our very pragmatic approach of the efficiency of professionalism. The company was born within the group La Banque Postale.
The classic reflex of a large group would install its subsidiaries in its own premises. We decided otherwise to maximize what we expected the partnership with Oddo et Cie.
The best collaboration is the one who brings as much expertise of both partners to society around the cradle which it began. This in order to render better services to customers.
What are the main characteristics of the investment process? The process is characterized by a certain completeness phase with a classic top-down type (macro economic analysis
and asset allocation).
A management committee meets every month to decide on broad guidelines to follow.
We follow every week a list of 60 European values. We rely then on studies conducted in-depth external and internal research. The approach is very value. We focus on the fundamentals of
We give a lot of freedom to customers regarding market timing, in other words on the implementation of broad guidelines that have been identified by the management committee.
What is happening with the pricing? It is attractive. The structure is classic, custody, management fees and commissions movements on purchases and sales of
It is important for us to also monitor the rate of portfolio turnover. We do not want that at the end of the customer finds himself with too significant costs compared to what was initially
anticipated. The idea is to try not to exceed 1.2 / 1.3 times.
It is important whether the client's interest and quality management which controls the rate of rotation.
What is the value-added services provided to customers? The quality of service delivered to the customer is an integral part of a culture of private management. The emphasis
is on transparency and quality of information, both in terms of documents and prospects in the reporting.
We wanted to simplify the presentation of management under mandate and décomplexer approach the customer who thinks that this activity is exclusively reserved for the very large fortunes. We have
what is more desired that the subscription is swift. We have made a complete reorganization of work on the process with simple documents.
In terms of reporting, we opted to send two reports by management each year with very thorough reviews. The customer may at any time have a vision on the situation via the website.
What type of investor subscribing to management under mandate? We find in terms of age and socio-professional category of great diversity. There are professionals,
Consultant en Réseaux Sociaux d'Entreprise
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