In 2008 34 of 50 new companies were private

In 2008, 34 of 50 new companies were private. Despite the violence of the stock market crisis, these managers chose to escape large structures. The desire for independence was the stronger. Little the regret today, especially since the rally market them opens up prospects. Some companies are already profitable. All recognize that market conditions forced them to consolidate their offer. Review of retail.

Preferably liquid assets classes

Entrepreneurs in 2008 have chosen rather liquid assets, such as actions and the convertible. Others have put forward their expertise, capital investment, pay savings or real estate. Transparency has also become a leitmotif. "We have adopted a"value management"applying style to the universe of European actions, in which we we ban the non-coté and effect of leverage: SRD, short sales", details Michel Peronne, patron of Alexander finance. The goal is to provide a simple and understandable product. Alternative management is not spared by this quest. "We have focused our strategy on the liquidity of the portfolios, confirms Laurent Imbert, Executive Director of DBench Alternative Investments." We therefore select funds involved on regulated markets and ultraliquides assets. In 48 hours, most of these funds can assign their positions.

Enhanced equity

Own funds are not vital in this activity, they reassure potential investors. "700,000 euros" at Alexandre Finance, "EUR 3 million in the first place" for beliefs AM, "5 million", to counter Tangerine management, then only a quarter of a million enough usually. "This allows us to hold during times of crisis", informs Philippe Delienne, President of beliefs AM. And then do not forget the rise in charge of the regulation which requires to invest in the tools of control of the risks and compliance. At the time, for reducing burdens at the outset, the leaders use outsourcing. "We have outsourced everything that could be, including computer science, control, back-office and the table of negotiation," details Marc Renaud, President of Tangerine management.

A solid and recognized team

The notoriety of the contractor and its performance history ("track record") are the Sesame to break into this profession. Only results past prejudge the future results and even recognized, these managers must again demonstrate their competence. "By chance, we benefited from an incubation period which allowed us to build this"track record"and validate our management process," says Philippe Delienne. So a structure which is based on a single star Manager is not sustainable. "The ideal is to bring several senior managers and contractually associated with the project," said Michel Peronne. But this will not always be sufficient. The management team must be strongly supported. Tangerine management, about 15 people, a third party handles, a third party markets, a third party administers.

Clients from the outset

"For a project has a chance of succeeding, it must meet three conditions: ready to support shareholders, the teams ready to accompany you and ready to follow customers", says Marc Renaud. Managers who want to steal their own wings must not hesitate to lose a little of their independence by relying on institutions. The financial Dassault, UFG IM and Amlab, joint-venture of the FIO group and bank postal Asset Management, took each 15 of the capital of Mandarin management. The French investments, taken from UFG, is present in beliefs Asset Management that she helped to grow. These presences can be beneficial: to reassure the prospects and to ensure a collection from the outset.

Refine his speech for more distrustful clients

The crisis gave time to new actors, according to Michel Peronne, "refine their commercial speech, at the point where customers are more demanding and redevenus cash".It all begins with independent wealth management (CGPI) advisors. "The junior direct us, often informed by word-of-mouth, described Emmanuel Narrat, founder of Haussmann heritage and CGPI leader." When I get them, I explain that they cannot count on us to start. If the Manager is brilliant, I can optionally take a ticket after one year. "For access to a broad population of CGPI, shoots can ignore distribution platforms. "The crisis has led us to dwell on the liquidity of assets and therefore the policy of own funds of management companies," said Alain Keck, Director of investments and products of Skandia.

The marking of funds begins preferably after a year of life. The institutional "to wait on average three years", said Frédéric Pétiniot, Director General of the cabinet of consultants Amadeis, which does not exclude exceptions. "As soon as the structure is carried by a Manager known, whose past performance speak for him, and quickly has sufficient stocks." "From EUR 100 million, we can knock on their doors," said Philippe Delienne.