Natixis and La Banque Postal are to merge their fixed income and insurance asset management businesses to create a “European leader” with over €415 billion in assets under management.
Natixis, a French insurer, will own 55% of the merged business through its subsidiary Natixis Investment Managers, while La Banque Postale will own 45% via its subsidiary La Banque Postale Asset Management.
The teams of the two managers will be combined into Natixis AM affiliate, Ostrum Asset Management, and will be headed by Philippe Setbon, Ostrum AM’s chief executive.
The role of deputy chief executive will be filled by Mathieu Cheula, who is set to join La Banque Postale AM’s management board in September this year and will join Ostrum AM once the transaction closes. Cheula has been the president and chief executive of a La Banque Postale and SNCF Group joint venture in retail banking since October 2016.
An executive committee is drawn from both Ostrum AM and La Banque Postale, and includes Ibrahima Kobar as chief investment officer, and Guillaume Abel as head of business development.
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