The crisis and its excesses helping, the interest of "" zinzins"" for socially responsible investment (Sri) was relaunched. Management companies well understood. They have multiplied so stamped Fund launch. On the actions, it has become commonplace. On bonds, the market grows nicely. On the monetary products, the virus wins. According to Novethic, enforcement approaches ISR monetary funds is likely to throw discredit on the dynamic monetary funds. Suddenly, the ESG (environmental, social and governance) note affixed to a transmitter is used to identify it and thus to prevent the absence of toxic assets. Credit derivatives, credit default swaps"(CDS), securitization have therefore step course.
In its note of work, entitled "What is at stake for the monetary funds ISR", the Office of analysis specializing pointed out that "the 13 Monetary Fund ISR identified weigh 6.3 billion euros by end of 2008, either a little more than 1 of the total of the monetary funds open in France, and 31 of the outstanding funds ISR distributed in France (against only 5 at end of 2007)." It must however be careful. Its market share can change quickly. The money market is a value adjustment in portfolios and is therefore subject to strong fluctuations. The growth of the monetary ISR is also the capital inflows which have benefited the UCITS monetary, deemed safe, due to the fall of the shares. But also the recent conversion of 6 Classic Fund that have been earned by the precepts of the ISR, or purported such wise.
Progress expected scoring
Because the approach although laudable shows its limits in monetary management. "Until recently, the absence of evaluation GSS applied to issuers of short-term paper was one of the main brakes to the development of monetary Sri", emphasize Dominique Blanc and Samer Hobeika, the authors of the note, which noted that Sri equity development could proceed that once the extra-financial ratings put in place. In monetary matters, wait for the end of 2008, with the partnership signed between extra-financial rating agency Vigeo and bond Oekom Research research specialist, and then the evolution of the Asset4 firm in this field.
Is that often the financial and non-listed companies are not covered by these specialized rating agencies. At the time, the investment universe is reduced. Therefore, managers seek to enlarge other through accepting including titles of structures whose parent companies are noted or when those public companies owned 100 by the State, the best signature on the market. The progress expected the rating will help dispel these shortcuts. "Not only it is difficult to understand the mechanisms of selection GSS credential, but for many of the proposed Fund, some opacity is also on securities in the portfolio," says Novethic.
"Domino effect".
Managers will also have to clarify their position on the issue of tax havens since it is not uncommon that the transmitters of short-term debts, mostly financial firms, are domiciled. Once operated, these settings monetary potting soil can be a boon to Sri. "Sri generally associated to long-term investment products, it was observed that the considerable amounts invested in funds money, if they are with a combination of criteria ESG, may, term, require issuers to take into account the criteria of sustainable development to have easy access to short-term credit." "By domino effect, this could impact the markets and the bond markets, leading issuers in a virtuous spiral", concludes Novethic.
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