Natixis positions itself as a candidate for the purchase of Lyxor

Posted on Nov 29, 2020 at 4:20 PMUpdated Nov 29, 2020, 4:21 PM

Lyxor, the asset management subsidiary of Societe Generale, is arousing envy. While the Banque de la Défense gave the starting signal for the sale of this European pioneer of ETFs (Exchange Traded Funds), these funds traded on the stock exchange, Natixis appears as a potential buyer.

Lyxor is a good asset and there is no reason Natixis should not look at it “Said Saturday to” Figaro “Laurent Mignon, chairman of the management board of BPCE group, the central body of popular banks and savings banks, which controls Natixis.

Societe Generale has never confirmed the sale of Lyxor, but the group chaired by Frédéric Oudéa has mandated advisers to assist it in the sale of this manager, which at the end of 2019 had assets under management of 149 billion euros, an increase of 26.1%.

Amundi, the asset manager listed on the stock exchange and controlled by the Crédit Agricole group, appears to be a natural candidate. Other names are circulating, such as BNP Paribas, DWS (subsidiary of Deutsche Bank) or JPMorgan.

But Natixis does not want to stay out of the game and even considers itself in a good position to integrate such an asset, the price of which could still exceed 500 million euros. ” We have never been so strong », Says a source familiar with the matter.

Nine-month losses

The BPCE subsidiary is eager to turn the page H20, the name of the British management company from which it is seeking to separate after a series of scandals, and to be fully recognized as a heavyweight in asset management in Europe .

With 1,060 billion euros in assets under management, Natixis IM sees itself as a rival to the European leader Amundi. In insurance management, the purchase of Lyxor would complete the platform created between its subsidiary Ostrum and that of Banque Postale, weighing 430 billion euros.

What balances its other pillar, active management and the search for performance, entrusted to the 22 affiliated management boutiques and which together represent more than 600 billion euros in assets under management.

It remains to be seen whether the BPCE subsidiary, which is also looking for opportunities in Asia, will have the means to achieve its ambitions. After a loss of 222 million euros over the first nine months of the year, an acquisition would require at least a certain agility.

Natixis declined to comment.

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