Lead Independent Director and Vice-Chairman of the Board, Compagnie de Saint-Gobain S.A.
Jean-François Cirelli (BlackRock) critique la frilosité française face aux partenariats public-privé
Le président de BlackRock pour l'Europe continentale, Jean-François Cirelli, a livré une analyse incisive de l'économie mondiale et française lors de son intervention remarquée devant les entrepreneurs du Chinese Business Club. Expert reconnu, ancien conseiller économique à l'Élysée et artisan de la fusion Gaz de France-Suez, Cirelli incarne cette passerelle unique entre le service public et la finance mondiale.
🎤 Dans son exposé, il a identifié cinq grandes mutations de l'investissement qui redéfinissent le paysage financier actuel :
👉 L'essor des ETF (Exchange Traded Funds) : Des fonds ind...
Transcript (2 segments)
H
Host0:00
The CH Business Club is pleased to welcome as guest of honor Mr. Jean-François Cili, president of Black Rock, the world's largest asset management firm.
J
Jean-François Cili0:17
Jean-François Cili thanks the organizers and outlines four points. First, he clarifies the term 'fond' in French, distinguishing between pension funds, investment funds, and asset managers, noting that Black Rock is an asset manager. Second, he describes Black Rock's history, growing from 80 million to 11,600 billion in assets over 37 years, with 18,000 employees globally and investments of 240 billion in France, making it a net importer of capital for the French economy. He mentions recent acquisitions in infrastructure and private debt, and that 1,000 billion in assets are in sustainable funds. Third, he discusses changes in investment trends: the rise of sustainable investing due to climate risk, the growth of passive management with ETFs, the development of private markets, the evolving 60/40 portfolio rule, and the emergence of crypto as an asset class. Finally, he offers personal messages: France has strong financial institutions but lacks financial education; French savings are underinvested with over 40% not deployed; decarbonization requires public-private investment; Europe needs capital markets to compete with the US; and recent reports provide solutions for growth. He concludes by emphasizing the need for strategic sovereignty while remaining open to foreign capital, and reaffirms Black Rock's commitment to investing in Europe.