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Natixis to cut loose embroiled H2O

Natixis to cut loose embroiled H2O
  • Pedro Gonçalves
  • @PeterHSG
  • 06 November 2020
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French investment bank Natixis is seeking to sell its majority stake in under-fire H2O Asset Management.

Majority owner Natixis  said it was in talks about a "progressive and orderly unwinding" of its partnership with the London fund manager. For almost a decade, H2O was a jewel in the crown of Natixis's stable of money managers. H2O, which manages more than $25bn in assets, is led by Bruno Crastes and Vincent Chailley. 

Related articles

  • Natixis to sell majority stake in H2O Asset Management
  • Natixis shares hit on H2O losses - reports
  • H2O AM suspends funds at French regulator's request
  • The curse of illiquidity: Natixis takes steps to reassure H2O investors

The two firms are in discussions about an "orderly unwinding of their partnership" which could result in Natixis selling its 50.1% stake in H2O, or H2O taking on its own distribution over a transition period that would run to the end of 2021, according to a statement in the company's third quarter earnings.

I am taking decisions that put Natixis back on a positive trend

As a result of these measures, ‘H2O AM will no longer be considered a strategic asset of Natixis,' the statement added.

One option being explored is a progressive sale of Natixis's 50.01% stake in H20. Another is that H20 takes over the distribution of its own funds during a transition period until the end of next year. 

H2O has been under fire ever since the Financial Times first reported that the firm's funds held more than €1.4bn ($1.6 bn) in illiquid bonds linked to German entrepreneur Lars Windhorst.

The move by Natixis is part of a strategic reset by new chief executive, Nicolas Namias. He is seeking to cut costs, slash risk and restore confidence in its multi-boutique model, which takes majority stakes in smaller investment firms that continue to be run at arm's length.  "I am taking decisions that put Natixis back on a positive trend," Namias told the FT. 

The asset manager has been under fire since the FT revealed in 2019 that it had put more than €1bn of investors' money into illiquid bonds linked to Lars Windhorst, a controversial German financier.

The Natixis unit agreed at the end of April to sell back the assets at a discount to a new investment vehicle set up by Windhorst, after the value of the company's flagship bond and foreign exchange funds dropped by more than half in March as the covid-19 pandemic hit financial markets.

 

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