【导读】欧洲最大资产管理机构重磅发声，事关ETF发展！
中国基金报记者 吴娟娟
欧洲ETF进入发展快车道。据ETF.com报道，截至2023年底，欧洲ETF总规模首次突破2万亿美元大关。ETF快速增长由多种因素推动，包括监管环境改善、市场壁垒降低、机器人投资顾问和在线平台的发展等。ETF成为机构投资者和零售投资者共同选择的工具。
日前，欧洲最大资产管理机构东方汇理资产管理全球ETF、指数和聪明Beta业务线主管Benoit Sorel接受本报独家采访时表示，欧洲ETF行业正追赶美国。他认为数字化进程、欧洲市场拥抱ESG投资等成为ETF行业发展重要推动力。
总部位于法国的东方汇理资产管理是欧洲最大的资产管理机构，最新管理规模达2.156万亿欧元。其在中国拥有农银汇理基金，汇华理财等合资公司，并于2024年于上海设立东方汇理金融科技（上海）。
Europe's Top Asset Manager: ETFs Hit the Fast Track
The European ETF market has entered a fast track. According to ETF.com, as of the end of 2023, the total scale of European ETFs broke through the 2 trillion US dollar mark for the first time. The rapid growth of ETFs is driven by a variety of factors, including the development of the regulatory environment, the reduction of market barriers, the development of robo-advisory and online platforms. ETFs have become a widely chosen tool for both institutional and retail investors in Europe. Benoit Sorel, head of global ETF, index and smart beta business at Amundi Asset Management, the largest asset manager in Europe, told China Fund News in an exclusive interview，that the European ETF industry is catching up with the United States. He believes that the advancement of digitalization and the European market's embrace of ESG investment are key driving forces.
Amundi Asset Management, headquartered in France, is the largest asset management institution in Europe, with the latest asset under management reaching 2.156 trillion euros. It has joint ventures such as ABC-CA and Amundi-BOC Wealth Management in China, and in 2024, established Amundi Financial Technology (Shanghai) in Shanghai.
中国基金报：请介绍一下欧洲市场ETF的概况。
Benoit Sorel： 这是一个快速增长的行业。ETF是全球资产管理行业的重要趋势。在过去几年中，欧洲UCITS ETF总规模的复合年化增长率达到了15%。
谁是市场主要参与者？
回到10年前，资产配置者开始布局ETF。他们布局的工具是基金中的基金（FOF)，作为FOF的底层资产，ETF是构建组合的有利工具。再后来，资产所有者看到ETF的好处。而在过去五年中，随着数字化的推进，ETF投资者类型进一步丰富。一方面，零售投资者加速入场；另一方面，成熟的大型机构投资者，例如中央银行加入投资ETF的阵营，投资者类型分布较为均衡。
Amundi是欧洲第二大UCITS ETF供应商，管理着2400亿欧元的资产。两到三年前，我们进行了一项收购，这进一步增强了在ETF方面的能力。目前，我们正在整合收购公司的职能。
China Fund News: Please talk to us about the landscape of ETFs in the European markets.
Benoit Sorel: It is a rapidly growing industry. ETF is a key trend in global asset management. Over the past few years, the compound annual growth rate of the total size of European UCITS ETF has reached 15%.
What are the main client types in the market?
Back 10 years ago, asset allocators began to deploy ETFs as a favorable tool for building portfolios within funds of funds (FOFs). Later on, Asset owners saw the benefits of indexing and ETFs in particular. In the past five years, we have seen a broadening of the client base from very sophisticated institutions like central banks, to retail investors with the advancement of digitalization. Today, the types of ETF investors in Europe include both large institutional investors and retail investors, with a relatively balanced distribution of investor types.
Amundi is the second-largest UCITS ETF provider in Europe, managing 240 billion euros in assets. Three years ago, Amundi made an acquisition that further strengthened our capabilities and scale in ETFs. Currently, we are finalizing the process ofintegrating the acquired company.
中国基金报：推动欧洲ETF增长的驱动力是什么？
Benoit Sorel： 目前，成熟市场的有效性非常高，对信息反应灵敏。资产配置是投资组合表现的关键驱动因素之一。机构投资者越来越关注指数化和交易效率，ETF成为他们的核心工具。
对于零售业务而言，数字化是一个重要的推动力。疫情期间，投资顾问无法在线下与客户会面，客户拜访和交流从线下转移到了线上。最初投资顾问迫不得已才开始线上交流，但这种转变加速了金融行业的数字化进程。在欧洲，数字化首先从德国开始，后来在整个欧洲蔓延。ETF是一种“即插即用”的工具，它们简单且易于理解，非常适合投资者在数字化的背景下进行资产配置。
财富管理转型是ETF发展的另一个推动力。在亚洲或欧洲，相当一部分的财富以银行存款的形式存在。资产管理机构面临的挑战是向客户解释参与资本市场投资的好处，为何他们不应该仅仅持有现金。我们经常说股票溢价，股票相较于无风险回报有溢价。ETF是将储户转变为投资者的最简单工具之一。
最后，在EMEA（欧洲、中东和非洲）以及亚洲，负责任投资是ETF发展的关键驱动因素。投资者需要在所有敞口上整合环境、社会和治理（ESG）原则，整合方式必须是系统性的，而系统化正是指数的优势。
China Fund News: What are the key factors driving the growth of ETFs in Europe?
Benoit Sorel: Developed markets have become extremely efficient and reactive, making asset allocation the key driver of portfolio performance. Indexing and trading efficiency are therefore key tools for institutional investors, making ETFs a central tool.
On the retail side, digitalization is a significant driving force. During COVID, financial advisors could not meet with clients in person. Client visits and exchanges shifted from physical to online. This transition, initially a necessity, accelerated the digitalization process in the financial industry. In Europe, digitalization began rapidly in Germany and then spread out throughout Europe. ETFs are a "plug and play" vehicle; they are simple and understandable, making them suitable for asset allocation under digital conditions.
Wealth management transformation is another driving force for the development of ETFs. In Asia or Europe, a considerable part of people's wealth exists in the form of bank deposits. Asset management institutions face the challenge of explaining to clients the benefits of engaging in the market rather than just holding cash. We often talk about the equity premium, which is the premium of holding equities compared to risk-free returns such as deposits. ETFs are the simplest tool to transform savers into investors.
Finally, in particular in EMEA but also in Asia, responsible investing is a key driver for ETFs. Indeed, to integrate Environmental, Social and Governance principles in a consistent manner across all exposures, the way of integrating them needs to be systematic, which is a key criteria of indexing.
中国基金报：数字化为欧洲ETF带来哪些机遇与挑战？
Benoit Sorel： 未来几年，分销商的商业模式将随着数字化的进程改变。大多数情况下，数字化使得资产管理机构可更有效地触达零售投资者，这为资产管理机构带来良机。东方汇理在服务零售投资者方面的丰富经验是一个加分项。我们的主要股东——法国农业信贷银行是法国领先的商业银行，它拥有服务大量零售客户的条件。零售客户和机构客户的目标和优先级是不同的，因此服务他们需要不同的方法和技能。
目前，欧洲有一些有影响力的数字平台，但鉴于我们仍处于数字化的早期阶段，行业格局可能会发生重大变化。十年后的顶尖参与者可能与今年的完全不同。
China Fund News: What opportunity or challenge does digitalization present for European ETFs?
Benoit Sorel: The key thing over the next few years will be the evolution of distributors’ business models thanks to digitalization. Mostly, digitalization allows us to reach retail investors more efficiently, which is a fantastic opportunity. Amundi’s rich experience in serving retail investors is a plus. Our major shareholder, Crédit Agricole, is a leading commercial bank in France and has the foundation to serve a vast number of retail customers. Serving retail customers and institutional clients requires very different methods and skills because the goals and priorities of the two types of investors are different.
Currently, there are some influential digital platforms in Europe, but given that we are still in the early stages of digitalization, the industry landscape may undergo significant changes. The top players in ten years may be completely different from those of this year.
中国基金报：ESG投资在部分地区遇到挑战，欧洲投资者是否依然坚定地拥抱ESG?
Benoit Sorel： 大多数欧洲投资者认可ESG投资，包括资产所有者、资产管理机构、零售投资者或分销商。ESG标准已嵌入到他们的投资理念中，他们将对气候转型、公司治理和社会责任的考量纳入到投资策略中。地缘政治风险已反映在市场价格中，我们注意到投资者越来越关注如何实施ESG投资。
具体的实施办法包括：投资决策依赖明确的ESG评级；将ESG考量整合到传统敞口上；投资方式依照传统的办法行事，但是在和底层公司进行互动以及股东投票等方面有明确的政策作为指引。指数投资者本质上是长期投资者，近年来，关于资管机构的股东参与和投票权方面的监管政策增多。
China Fund News: ESG investing has met with pushback in certain regions; do European investors continue to endorse ESG investing?
Benoit Sorel: The majority of European investors recognize ESG investing, including asset owners, asset management institutions, retail investors, or distributors. ESG criteria are embedded in their investment philosophy, and they incorporate considerations for climate transition, corporate governance, and social responsibility into their investment strategies. With geopolitical volatility reflecting itself into market prices, we have noticed an increasing amount of thought being given to how to implement ESG investing.
Implementation can go from incorporation of explicit ESG ratings or a pure Climate overlay on traditional exposures, and/or traditional exposures as such, but with a clear engagement and voting policy for underlying companies. Indeed, Index investors are inherently long-term investors and there has been an increase in the supervisory of Asset Managers’ policies vis a vis shareholder engagement and voting rights in recent years.
中国基金报：主导欧洲市场ETF发展的趋势是什么？
Benoit Sorel： 多种趋势正在推动欧洲ETF市场的发展。我们已经提到了ESG，从将ESG标准整合到一般的投资敞口，到绿色债券这样的新型市场规模增长。零售化进程和投资者需要广泛或清晰准确的敞口，例如主题性股票和固定到期日债券组合。市场上总有新的趋势，投资者需要系统化和指数化的工具来捕捉这些趋势。就底层工具创新和投资者群体扩容而言，ETFs还有很长的路要走。
China Fund News: What are the trends driving the development of ETFs in the European market?
Benoit Sorel: Many trends are driving the development of the European ETF market. We mentioned ESG, from integration of ESG criteria in standard exposures to new markets like green bonds getting to scale. We mentioned retailization and the need for broad and explicit exposures, like thematic equities and fixed maturity bond portfolios. And there are always new trends in the market that require and systematic and indexing implementation. Between innovation on the underlying tools and broadening of the investor base, ETFs have a long way to go.
编辑：小茉
审核：许闻
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