TRUE OR FAKE. Does BlackRock find any interest in this pension reform?

Blackrock is the largest financial asset management company in the world, with more than 8,000 billion dollars managed, or two and a half times the GDP of France. But this financial manna does not belong directly to the group. BlackRock invests in the financial markets the money entrusted to it by its clients, ie banks or companies, mostly pension funds. So what about their interest in pension reform? Questioned in 2020, during the first version of this reform, Jean-François Cirelli, the boss of BlackRock France said in any case this: “We are not interested in pension reform in France.”

More retirement savings product, and less life insurance savings account

Because in France, we have a system of pensions by distribution, and not by capitalization. Our pension money is therefore not managed by companies like BlackRock. And the reform does not change anything. But we must look beyond this reform, particularly on the side of the savings that the French constitute for their retirement. An area in which BlackRock can find an interest. More retirement savings product, domain of BlackRock, and less life insurance savings book, that is in the interest of the multinational, that does not hide it.

BlackRock was therefore quite naturally satisfied with the pact law, passed in 2019, which precisely facilitates access to these retirement savings products. Because it is in this type of financial product that BlackRock finds an interest, rather than in the current pension system, where the multinational does not have access to contributions from the French.