By Adam Cadle
Over three quarters (78 per cent) of French asset managers have little or no confidence in their government’s ability to revive France’s economy, an RBC Dexia poll has revealed.
The poll, which was conducted among 55 French asset managers, showed that confidence was no greater when discussing European or global governments ability to ensure economic recovery. Overall 62 per cent had little confidence that European leadership could come up with a positive resolution, with 38 per cent only ‘quite confident’ that a solution may be reached.
Despite this lack of confidence in the French government, RBC Dexia managing director Philippe Legrand said that the French asset management industry should not worry too much.
“Although still waiting for signs that recovery is around the corner, the French asset management industry is one of the largest and most resilient in Europe and has successfully navigated the current crisis to date. As such, it remains well positioned to benefit from the economic recovery when the right conditions return and confidence improves,” Legrand said.
French asset managers did share the government’s belief however that austerity measures alone would not be enough to resolve the eurozone crisis.