Quality perception shapes French intermediary behaviour

Perceived quality remains the strongest driver of propensity to buy, research by Aureum Y shows

Between September and December 2025, we surveyed 145 financial intermediaries in France. The study explored brand perceptions, aiming to identify drivers behind propensity to buy, including brand awareness, perceived ability to generate returns and the brand values that matter most to fund selectors.

The findings from our French chapter clearly shows that perceived quality is the single strongest driver of propensity to buy among French intermediaries. Brand recall follows closely behind, underlining the importance of establishing a prominent, recognisable top of mind presence across specific asset classes and management styles.

A market shaped by local heritage

Of the 294 unique brands recalled spontaneously by intermediaries across all asset classes and management styles, the top two most recalled brands, both local players, were mentioned by at least 53.7% and 48% of respondents respectively, while the third most recalled brand was cited by 47.2%.

22 of the top 30 most recalled brands are local players, confirming the strong footprint of domestic asset management companies in the market. While local expertise dominates, a handful of major international names have also established a meaningful presence among the top brands for familiarity.

One of the more notable shifts since 2023 is the growing presence of international asset managers. Several major global names have gained significant positioning since the last survey, at the expense of some well-established French players. This suggests a gradual but meaningful opening towards international players among French intermediaries.

What brand values resonate in France?

When it comes to brand perception, being perceived as "careful thinking/planning" and "qualitative" show the highest correlation with propensity to buy, while those seen as "energetic/fast-paced" or "quantitative" fare less well.

“Close relationships with management companies and the quality of monitoring are paramount.” - Discretionary portfolio manager, France

What intermediaries want from asset managers

On the positive side, French financial intermediaries appreciate strong expertise, particularly in niche funds, emerging markets, bonds and thematic strategies. Communication-wise, the top-ranked brands for communication support are valued for their responsiveness, regularity and clarity, with timely updates, frequent newsletters and webinars ranking highly among intermediaries' preferences. On the other hand, intermediaries frequently highlight a sense of distance from asset managers, with sales teams and fund managers often perceived as hard to reach. Brand visibility is seen as inconsistent, and fund performance as insufficiently differentiated. There is significant opportunity for asset managers willing to invest in authentic proximity, personalised engagement and transparent communication

ETFs: a growing and active market

ETF usage in France is high, with 67% of intermediaries using them. Index ETFs remain the most preferred, but active ETFs are also widely used with 88% of ETF users employ them, primarily for cost efficiency, access to niche strategies, or tactical and satellite allocation. Thematic and gold ETFs also attract interest, while REIT ETFs are the least likely to be considered. Across ETF brand factors, distinctiveness shows the highest correlation with propensity to buy, pointing to the value of building a clearly differentiated identity in this growing segment.

Key takeaways

• Perceived quality is the strongest driver of propensity to buy, with brand recall close behind.
• Local asset managers dominate, but international ones are gaining traction. Several global names have made meaningful gains since 2023, signalling a gradual but real opening towards international managers.
• Authentic proximity and personalised engagement remain the biggest untapped opportunity in the French market.
  
  

About Aureum Y

Aureum is Fundamental Group’s dedicated Research and Insights division, built on more than two decades of specialist experience in global investor research across individual, intermediary and institutional investor audiences. With extensive quantitative and qualitative capabilities, the team has delivered 250+ survey projects across 15+ audiences, managing a panel of 100k B2B professionals and tracking 3,600 media titles and 1,800 brands. Operating across 12 markets from four international offices, Aureum provides rigorous, culturally attuned insights that help asset management companies understand their audiences, refine their strategies and stay ahead in an increasingly competitive landscape. To access our flagship Global Brand Survey (GBS) insights contact [email protected] and follow us on LinkedIn to keep updated on the latest news.