After twelve months of discussions, the BPCE and La Banque Postale groups announce the signing on June 28 of the reconciliation operation part of the activities of Ostrum AM, one of the largest affiliates of Natixis IM (BPCE group), with part of the activities of La Banque Postale AM (LBPAM). “The crisis has not at all called into question the rationality of our project and the structural trends that led to the merger of Ostrum AM and LBPAM”, explains Philippe Setbon, CEO of Ostrum AM.
This marriage should build one of the leaders “If not the leader in asset management under liability constraints”, adds the manager. With 415 billion euros in assets at that date, the new company thus formed would be ninth in Europe, “With strong growth ambitions driven by the two shareholder banking groups”.
74% of the assets will be insurance management (interest rate management but also equities that correspond to insurance mandates), 10% monetary management, 10% open-ended mutual funds and credit, and around 6% diversified management. “These are relatively low-margin activities, largely guided by volumes. Hence a part of the rational of the rapprochement. We therefore aim to attract new customers, including at European level, but also by being attentive to acquisition opportunities that will not be lacking in the post-Covid context “, reports Philippe Setbon.
In this scheme, 64% of outstandings are contributed by Ostrum and 36% by LBPAM. The shareholding established several months ago has not changed, Natixis IM being the majority shareholder with 55%.
The future Ostrum entity will keep this name with a simple evolution of the brand (change of logo and base line) for better ownership by the teams. Ostrum will indeed welcome 110 La Banque Postale AM employees from the closing of the transaction scheduled for late October-early November.
Finally, concerning governance, while Emmanuelle Mourey, president of the LBPAM executive board was first announced as the future number two of Philippe Setbon before a quick rectification, it is ultimately Mathieu Cheula, proposed by LBP, who will take the deputy general management. The comex will be composed of nine people in total, five from Ostrum and four from LBPAM.