As made active the list is almost stopped

Nicolas Sarkozy wanted the strategic investment Fund (ISP) in running order before the end of the year. But the final adjustments are still the subject of intense discussions, including as regards the designation of the future head of the Fund. In practice, the Elysee Palace currently submits names to the Director General of the Caisse des Dépôts, Augustin de Romanet, which has a veto right. Several candidates are still running: Bruno Crémel, Luc Rémont, Gérard Rameix, and Bernard Delpit.

Inspector of finance, Bruno Crémel, forty-two years, led the cabinet of Laurent Fabius to Bercy and held various positions at PPR. He now works for the equity fund LBO France. Luc Rémont, 47 years, was Advisor to Francis Mer then Nicolas Sarkozy to Bercy, before being named Assistant Director of the Office of Thierry Breton. He is now managing director at Merrill Lynch. Gérard Rameix is currently Secretary-General of the authority of des marchés financiers (AMF). Meanwhile, Bernard Delpit, forty-three years, is currently economic Counsellor at the Elysee Palace.

The Director General of the ISP will hold an important role in the selection of investments, to the sides of the Board of Directors, chaired by Augustin de Romanet. Alain Quinet, his right arm to the Caisse, Bruno Bezard, the boss of the Agency of the interests of the State (EPA) and Luc Rousseau, at the head of the branch companies in Bercy, will also part. Three "qualified" figures will also be members: the Director General of the Fund, a figure named by the CDC and Patricia Barbizet.

Conflicts of interest

Designated by the Elysee Palace, the latter is essential because it will lead the Investment Committee. His appointment is grind teeth, some fearing a conflict of interest with his duties at the head of Artemis, the holding company of the Pinault owns 40 of PPR. "Patricia Barbizet will have access to extensive information on listed companies, will carry a professional." Should she left one of the two positions to cut short the risks of conflicts of interest. "A strategic Steering Committee chaired by Jean-François Dehecq and involving the social partners will be responsible for defining the doctrine of investment of the ISP.

As made active, the list is almost stopped. The CDC finally should transfer all "strategic" holdings, those which it consolidates the accounts. This feeds the sense of a "butchering" of the Fund, since the Treasury does not, him, all holdings. The CDC in Icade, Transdev and the Compagnie des Alpes shares should be transferred, for 7 billion euros in total. There is only a few exceptions, including its 19.4 in Dexia (read below) and its 40 in CNP Assurances. "The Fund will be direct shareholder of NOC, and we'll see what we are doing with the NOC which can also provide a little ways to fund", said Nicolas Sarkozy last week. This may be only indirectly, because the rules of the AMF, the Constable of the financial markets, prohibit tions IP to NOC insurance fund managers. What makes say to some that a scenario of assignment of the NOC could well back on the front of the stage next year.