Ofi AM pays its price for the concentration of mutual insurance companies

Posted on Feb 16, 2019 2021 at 8:00Updated Feb 16, 2019 2021 at 8:09

The frenzy of marriages in the universe of mutuals is causing collateral damage. Ofi Asset Management (AM) lost last year a mandate of 8.5 billion euros managed on behalf of the mutual fund company Mutex, a subsidiary of Harmonie Mutuelle. This loss weighed heavily on the assets of the asset management subsidiary of Macif and Matmut, whose assets fell 5 billion last year, to 67 billion euros at the end of December.

Mutex’s mandate is now managed by Egamo, the management subsidiary of the Vyv group, formed in 2017 by Harmonie Mutuelle, MGEN, Istya. “We were aware from mid-2019 of the loss of this mandate, explained Jean-Pierre Grimaud, general manager of Ofi, during a press point on February 11. In total, we have transferred around 12 billion to Egamo over the past eighteen months. “ This amount includes mandates that were managed for other affiliates of the Vyv group.

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