Abstract
This chapter discusses the distribution of collective investment in France. The term collective investment refers to any type of investment scheme where investors place their funds in the hands of professional managers who manage a portfolio of funds so as to provide a return to investors. Harmonization of the structure of collective investment schemes throughout the European Community has been introduced in the directive on Undertakings for Collective Investment in Transferable Securities that came into force in October 1989. In contrast to the United Kingdom, but in common with Germany and Spain, the vast majority of Organisms de Placement Collectif en Valeurs Mobilières is distributed through the banks. French banks have traditionally offered only their own products to customers. If a customer wants to buy a Sociétés d’Investissement à Capital Variable from another bank through her own bank, the bank cannot refuse to sell the product but it is likely to delay the process, charge increased fees and generally offer as little service as possible.
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