The Employee Savings Plan Market in France: Where is the Growth Opportunity?

April 8, 2003


Paris, France April 8, 2003


In a new report, Celent Communications analyzes new growth opportunities in the French employee savings plan market, created by the 2001 Fabius Act and the Internet.

The employee savings plan (ESP) market has been very stable for years, with respect to the number of players and their positions (except for the entrance of AXA). The ESP market is currently very small compared to the markets of other savings vehicles, with only €bn 53 of assets under management. So why have we recently begun to hear the sounds of awakening in this line of business from in every financial institution in France?

A main reason is that the Fabius Act of 2001 has created new opportunities for financial institutions. This act, by creating the regulatory framework for financial institutions to develop standardized employee savings plans, has laid the foundation for the SMB market segment to be a profitable one. It has also laid the foundation for a better use of the Internet, because the new standardized products will be easier to integrate with an online platform.

"The added impact of the Fabius Act and online tools for employees could allow the employee savings plan market to double by 2005" says Celent analyst Axel Pierron, author of the report. "Internet offerings will be key to changing the habits of employees so they eventually integrate their ESP with their overall savings strategy. Offering online tools such as simulation, trading and payments, will have a direct impact on the flow of assets to ESPs. We forecast that annual asset flows to employee savings plans will be close to €bn 14 in 2005".

This report examines the current state of the ESP market in France. It also details and evaluates the growth opportunities generated by the Fabius Act and the use of the Internet to enable employees to directly manage their employee savings plans.

A is available online.

of Celent Communications' Wholesale Banking research service can download the report electronically by clicking on the icon to the left.  Non-members should contact for more information.


Send mail to with questions or comments about this Web site.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
Tel: +1 212 345 1366

Europe (London)
Chris Williams
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
Tel.: +81 3 3500 3023

Table of Contents


Paris, France April 8, 2003

Employee Savings Scheme

Return to report Abstract


  Specificity of the French Market 5
  Large Institutions Leading the Market 6
  An Underdeveloped Market 8
  Online Features Reflect the Torpor of this Market 11
  Addressing the SMB Market 16
  Encouraging Employees to Manage Their ESP 20

Sign in to download reports and access personalized information