The green industry law of October 23, 2023 planned to integrate unlisted investments into the horizon profiled management, proposed by default in retirement savings plans (PER). A decree published on July 1 specified the practical arrangements of this new obligation, which will come into force on October 24 for individual PERs. “Regarding mandatory PERs and collective PERs, the obligation runs from June 30, 2026,” Eres said.
The proportion of unlisted assets varies according to the client’s risk profile and its maturity. Thus, for a prudent profile, it will be a maximum of 6% up to twenty years before the planned exit date, falling to 2% up to ten years before maturity. For dynamic profiles, this rate will be 12% up to twenty years before the planned liquidation date and will fall to 5% up to five years before maturity. A new, offensive profile is also being introduced, which will be able to accommodate from 6% to 15% of unlisted assets.
Although this shift in savings towards unlisted companies has not been well received by all wealth management players, it benefits from a favourable context: the range of supports continues to expand and the decree broadens the types of products that can be integrated. According to a survey conducted by Sienna IM and YCE Partners, 72% of savings professionals surveyed are already getting ready to adapt their offering. The most frequently cited obstacles are linked to the lack of liquidity of these investments.