La Banque Postale Asset Management, France's fifth-largest asset manager, has announced the surprise departure of its chairman after five years.
Daniel Roy is believed to be leaving for another European management company according to LesEchos.fr.
The subsidiary of La Banque Postale has appointed a tandem of women to replace him; Emmanuelle Mourey and Mirela Agache-Durand.
La Banque Postale said in a statement that "Roy, head of asset management for the public banking group, France's fifth largest manager, wanted to give a new direction to his career".
Emmanuelle Mourey became general secretary of LBPAM in March 2015, takes over as chairman of the board.
Mirela Agache-Durand, already a member of the board of directors as excecutive director of Tocqueville Finance, is given the newly created position as CEO of LBPAM.
Roy's departure comes a few weeks after the announcement of the proposed partnership of LBPAM and Ostrum, one of Natixis IM's main affiliates with €265.6bn in assets under management. As part of this transaction, LBPAM will hand over control of a significant part of its €229bn of assets (as of end March 2019).
Roy joined La Banque Postale in 2011 and took over leadership of its asset management subsidiary in 2014, since when assets have grown from around €149bn in assets to some €229bn. He also led the integration of specialist boutique Tocqueville Finance, which has been a subsidiary of La Banque Postale since 2009.
Roy's departure may also raise questions around the share capital of LBPAM going forward. In 2015, Aegon took a 25% in the French manager, with Malakoff Médéric Humanis taking a 5% stake.