Natixis supports the measures taken by H2O Asset Management in the interests of clients
28 Août 2020 - 7:30PM
Natixis supports the measures taken by H2O Asset Management in the
interests of clients
Paris, August 28th, 2020
Natixis supports the measures taken by
H2O Asset Management in the interests of clients
H2O Asset Management (H2O AM) has announced the
temporary suspension of eight of its funds1 for an estimated period
of four weeks with the aim of sidepocketing holdings of private
securities and reestablishing liquidity for investors in the
portion of the funds invested in liquid assets.
The decision to suspend these funds was taken in
the interests of unitholders and in order to ensure their fair
treatment. The 16 other funds managed by H2O AM remain open to
subscriptions and redemptions.
Natixis supports these measures, which are aimed
at protecting investors’ interests.
H2O AM is a unique asset manager created within
Natixis Investment Managers, differentiated by its specific global
macro investment strategies. It is one of the 24 asset management
companies, which are independent from each other and autonomous in
their investment policies, that constitute Natixis’ diversified
asset management model.
The suspension of these funds has no financial
impact on Natixis, either on the balance sheet or on the income
statement. Natixis holds 50.01% of H2O AM shares via Natixis
Investment Managers, while the affiliate’s assets under management
account for 2.3% of Natixis Investment Managers’ total AuM2.
Natixis’ investments in H2O AM’s funds total €20 million in
seed money and €60 million via H2O Asset Management’s cash
invested in its funds.
H2O AM’s contribution to Natixis’ net income
group share is limited (€4 million in the second quarter of 2020)
and should remain so over the quarters ahead, as performance fees
from H2O AM were no longer expected given the impact of the
Covid-19 crisis, which affected the recent performance of its
funds. Excluding performance fees, H2O AM’s contribution to
Natixis’ 2019 results was limited to:
- around €150 million in net revenues, i.e. less than 2% of
Natixis’ underlying net revenues3;
- around €30 million in net income group share, i.e.
approximately 2.5% of Natixis’ underlying net income3.
It is also worth noting that performance fees
from affiliates other than H2O AM came to almost €150 million
within the Asset Management business’ total revenues of
€3.5 billion in 2019.
About Natixis Natixis is a
French multinational financial services firm specialized in asset
& wealth management, corporate & investment banking,
insurance and payments. A subsidiary of Groupe BPCE, the
second-largest banking group in France through its two retail
banking networks, Banque Populaire and Caisse d’Epargne,
Natixis counts nearly 16,000 employees across 38 countries. Its
clients include corporations, financial institutions, sovereign and
supranational organizations, as well as the customers of Groupe
BPCE’s networks. Listed on the Paris stock exchange, Natixis has a
solid financial base with a CET1 capital under Basel 3(1) of
€11.6 billion, a Basel 3 CET1 Ratio(1) of 11.2% and
quality long-term ratings (Standard & Poor’s: A+ / Moody’s: A1
/ Fitch Ratings: A+). (1) Based on CRR-CRD4
rules as reported on June 26, 2013, including the Danish compromise
- without phase-in Figures as at 30
June 2020
Contacts
| Investor
Relations: |
investorelations@natixis.com |
|
| Damien SouchetNoémie
LouvelSouad Ed Diaz |
+33 1 58 55 41
10+33 1 78 40 37 87+33 1 58 32 68 11 |
|
| |
|
|
| Press
Relations: |
|
|
| Daniel WilsonSonia
Dilouya |
+33 1 58 19 10 40
+33 1 58 32 01 03 |
daniel.wilson@natixis.comsonia.dilouya@natixis.com |
www.natixis.com
| |
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1 H2O Multibonds, H2O Allegro, H2O Multistrategies, H2O Adagio,
H2O Moderato, H2O Vivace, H2O Multiequities and H2O Deep Value
2 Figures at end-June 2020
3 Excluding exceptional items and excluding H2O AM’s performance
fees contribution.
- 200828_H2O Asset Management link_Natixis PR