(hooly-news.com) – The two banking groups acted Sunday, June 28, the pooling of rate management and insurance activities of their asset management subsidiaries.
Natixis and La Banque Postale signed an agreement on June 28 which will merge the rate and insurance management activities of their respective asset management subsidiaries, Ostrum AM and La Banque Postale AM. The joint entity, which will keep the name of Ostrum AM, will be 55% owned by Natixis, through Natixis Investment Managers, and 45% by La Banque Postale, via LBP Asset Management.
At the end of the operation, this structure will manage more than € 415 billion in assets under management. “64% come from Ostrum AM and 36% from La Banque Postale AM,” said Philippe Setbon, CEO of Ostrum AM, in an interview with Option Finance magazine. The activity of this new player will focus on the needs of institutional investors subject to liability constraints (insurers, pension funds, corporates). “Thanks to this transaction, Ostrum AM will be the ninth European player, in terms of outstandings, on the institutional management market”, also underlined Philippe Setbon.
The new Ostrum will also develop a range of technological and operational services for investors. La Banque Postale AM will be a client.
Governance will be “balanced”: Philippe Setbon, current CEO of Ostrum AM, will head the new company and Mathieu Cheula, now chairman of the executive board of Sofiap, a joint venture between La Banque Postale and SNCF, will ensure the deputy general management. Ibrahima Kobar will become director of management.
The transaction is expected to be finalized in the fourth quarter of 2020 subject to obtaining the required authorizations from the regulator. The merger of the teams within Ostrum AM will then materialize. “On the LBPAM side, 110 employees should join this new entity. The workforce of Ostrum will thus increase to 385”, finally pointed out Philippe Setbon.