UBP Asset Management (France) is authorised to offer the following services and carry out the following activities:
- Managing UCITS funds
- Managing alternative investment funds (AIF)
- Managing assets through mandates
- Providing investment advice
- Marketing the Group’s collective investment funds, as well as those from external managers
- Providing advice on investments and civil mandates in real estate
UBP Asset Management (France) today
- UBP Asset Management (France) has been the UBP Group’s asset-management company in France since 1998.
- It is the UBP Group’s centre of expertise for convertible bond management and real estate investment advisory services*.
* and as such it holds professional civil liability insurance in accordance with applicable regulations
- It handles the marketing of the UBP Group’s products and expertise in France*, in particular the Luxembourg SICAV, “UBAM”.
- It brings together a management structure and skill set that respond to the unique requirements of French institutional investors thanks to its team of around twenty people who are dedicated to institutional asset management.
- UBP Asset Management (France) is well established in France with around 100 institutional clients and some EUR 3.1 billion** in assets under management.
- In 2021 it joined the Forum pour l’investissement responsable (FIR), a founding member of the Eurosif network.
Responsible Investment at the UBP Group
The UBP Group signed up to the United Nations Principles for Responsible Investment (UNPRI) in March 2012. Since then, it has developed its Responsible Investment Policy (RI Policy) and gradually integrated environmental, social and governance (ESG) criteria into its investing. Since 1 January 2018 the UBP Group has been expanding its RI policy and strengthened its process for selecting and filtering the companies in which it invests, in particular by clarifying the ESG criteria it takes into account, the internal governance structure of its RI approach, and its investment processes (with an exclusion list, an inclusion list, and a watch list).
UBP Asset Management (France) applies the UBP Group's policy, including ESG criteria, to the portfolios it manages whilst also taking into consideration specific requirements for institutional mandates and dedicated portfolios
Its convertible bond strategies are managed according to strict proprietary responsible investment principles. Investors are also provided with ESG reporting as per regulations and specifically in application of Article 173 of the French energy transition law.
Further information on Responsible Investing at UBP can be found here.
* This business may generate retrocessions on part of the fees charged by the UCITS.
** As at 31 December 2021.
Scope of application
As per the UBP Group’s internal directives, its responsible investing policy (including exclusion lists, watch lists and inclusion lists) applies to all the convertible bond strategies of the UBAM SICAV. In addition to the Group’s RI Policy, funds with a French SRI rating apply specific exclusion and inclusion criteria, defined in their respective responsible investing transparency codes. Other collective investment schemes managed by UBP Asset Management (France) are (i) reserved funds, for which the RI policy must be approved by the investors, or (ii) funds whose management we have delegated, in which case the investment policy that applies is that of the third-party manager.
As per applicable regulations and UBP’s internal directives, UBP Asset Management (France) has implemented a voting policy suited to its activities. This policy stipulates the circumstances in which we intend to exercise the voting rights that come with ownership of shares in the UCITS we manage.
The report on the exercise of voting rights for funds managed by UBP Asset Management (France) is also available from the management company upon request.
The EU’s Sustainable Finance Disclosure Regulation (2019/2088)
With ambitions climate-protection and energy-transition targets, the European Union has issued the Regulation on Sustainability‐Related Disclosures in the Financial Services Sector (known as SFDR).
Sustainability risk is defined in the SFDR as “an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment.” When providing its services and products, UBP Asset Management (France) assesses all the relevant financial risks, including sustainability risks. Click here for more details on UBP’s sustainability risk management framework.
Impact of sustainable finance regulations on remuneration
To ensure that sustainability risks and opportunities are taken into account by all its business lines, UBP’s remuneration structure discourages excessive risk-taking with respect to sustainability and is linked to risk-adjusted performance. In parallel it provides motivation for developing responsible investment and sustainable practices. In this respect, the Bank’s objective is to provide more transparency, in both qualitative or quantitative terms, on these factors and to promote sound and effective sustainability practices and sustainability risk management. The Group has therefore set a series of sustainability key performance indicators (KPIs) which aim to promote responsible investment and corporate social responsibility (CSR). The Remuneration Policy is available below.
Principal adverse impacts
UBP acknowledges the responsibility of the financial industry to limit the adverse sustainability impacts that may result from investment decisions.
In line with the recommendations of EU regulation 2019/2088, the so-called Sustainable Finance Disclosure Regulation (SFDR), EU-based UBP entities* consider and manage the adverse impacts of their investments on the environment (e.g. in terms of GHG emissions and biodiversity) and on society (e.g. social and employee matters, respects of human rights, anti-corruption and anti-bribery matters), including the 18 principal adverse impacts defined by the regulation, as well as other potential adverse impacts that may be assessed as material.
To manage these adverse impacts, UBP relies on its Responsible Investment Policy. This policy outlines, for instance, the exclusion of all companies involved in controversial weapons as well as companies involved in coal extraction and tobacco (revenue thresholds apply).
On the social and human rights front, UBP manages its exposure to companies in breach of international norms and engages systematically with these companies through a third-party engagement services provider.
Our biodiversity approach also aims to help our investment teams identify and manage the potential impact of their investments on nature and ecosystem services.
Furthermore, we have developed a sustainable and impact product range which applies even stricter exclusion criteria to reduce exposure to activities that may damage the environment or contribute significantly to climate change and which favours companies with sound ESG practices or those providing solutions to environmental and social challenges.
To tackle the world’s biggest challenges, governments, investors, the corporate world, NGOs, academia and the financial sector must work together. Accordingly, UBP has partnered with, is a signatory to, or supports an array of global and local initiatives and associations, such as the UN Principles for Responsible Investing (UN PRI) and the UN Global Compact (UNGC).
UBP is also committed to contributing to the achievement of the Paris Agreement’s goals and to integrating the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD). In addition, UBP Asset Management (Europe) S.A. has signed up to the Net Zero Asset Managers Initiative with the aim of reducing the carbon emissions of its portfolios and encouraging investments in climate solutions to reach net zero emissions by 2050 or sooner.
As an active investor, UBP exercises its voting rights and promotes sustainability principles through its proxy voting policy. Moreover, engagement is a fundamental part of our investment approach. We believe that joining forces with other investors when engaging with companies will have a greater impact on influencing their behaviour or increasing disclosure.
In addition, UBP sees engagement as a tool for a long-term active ownership process based on the assumption that changes in business drive positive change in corporate value. We have also developed some thematic engagement questionnaires, addressing issues like biodiversity or climate strategy for energy and utility companies.
Being mindful of situations where only a limited amount of information would be available to manage adverse impacts, UBP commits to putting every effort into obtaining the necessary information from its investee companies as well as from external data providers.
Further details can be found in our Responsible Investment Policy.
UBP relies on information and data collected from third-party ESG data providers which may prove to be incorrect or incomplete. Although UBP applies a proven process for selecting such third-party providers, its processes and proprietary ESG methodology may not capture all ESG risks appropriately. Indeed, to date, data related to sustainability risks or ‘Principal Adverse Impacts’ (PAI) may be either unavailable or not yet systematically and fully disclosed by issuers, may be incomplete, and may follow different methodologies. Most of the ESG-related information is based on historical data that may not reflect the future ESG performance or risks of the investments.
*The present statement is the consolidated principal adverse sustainability impacts statement of UBP Asset Management (Europe) S.A., UBP Asset Management (France) and Union Bancaire Privée (Europe) S.A. Luxembourg.
UBP Asset Management (France)Contact Us
116, avenue des Champs-Elysées,
75008 Paris, France
Tel.: +33 1 75 77 80 80