Natixis and La Banque Postale (LBP) have agreed to combine their fixed income and insurance-related asset management businesses within a new entity.According to a statement, the merger of the relevant businesses of Ostrum Asset Management and LBP Asset Management is expected to be completed in the fourth quarter of this year, subject to obtaining regulatory approvals.A spokesperson for Natixis confirmed that the new entity will be called Ostrum Asset Management, and said the businesses of the former Ostrum that aren’t being combined with LBP AM will be integrated into other Natixis investment affiliates.La Banque Postale said LBP AM and its subsidiary Tocqueville Finance, were “strengthening their position in predominantly SRI multi-specialist conviction management”. Natixis and La Banque Postale are to own 55% and 45%, respectively, of the new Ostrum Asset Management via their asset manager subsidiaries. The new entity will start with more than €415bn in assets under management, based on end-May figures.“The project was conceived in response to the evolution of the market and will be transformative for the asset management industry”NatixisNatixis said the merger project “was conceived in response to the evolution of the market and will be transformative for the asset management industry”.Ostrum Asset Management would seek to quickly grow its volumes and to play a central role in driving the consolidation of the European market in the coming years, it added.The new Ostrum Asset Management will offer investment management for fixed income and credit assets as well as “technological and operational services”, which a spokesperson for Natixis said could include outsourcing services for other asset managers.Philippe Setbon, chief executive officer of Ostrum, will lead the new company, while Mathieu Cheula, who will join LBP AM’s management board from 1 September, will be deputy CEO.Alongside Setbon and Cheula, the new firm’s executive committee will be comprised of asset management professionals drawn from both Ostrum AM and La Banque Postale Asset Management: Ibrahima Kobar, CIO; Guillaume Abel, head of business development; Valérie Derambure, head of finance, strategy and transformation; Julien Raimbault, head of operations and IT/technology; Emmanuelle Portelle, head of compliance and internal control; Rémi Ardaillou, head of risk; and Sylvie Soulère Guidat, head of human resources.Ostrum Asset Management is the former Natixis Asset Management, having been renamed in April 2018.Citigroup executive to take over from Skeoch at SLAStephen Bird has been chosen to succeed Keith Skeoch as chief executive officer of Standard Life Aberdeen (SLA).Bird, who was most recently CEO of global consumer banking at Citigroup, will start as CEO-designate on 1 July and take over fully from Skeoch after a handover period and subject to regulatory approvals.SLA said it envisaged the transition would take place by the end of the third quarter.At that point, Skeoch will be standing down from the board after some five years as group CEO and 14 years as a director. He will serve out the remainder of his contract as non-executive chairman of the Aberdeen Standard Investments Research Institute.Skeoch was originally co-CEO of SLA alongside Martin Gilbert, co-founder of Aberdeen Asset Management, following the latter’s merger with Standard Life, where Skeoch had been CEO. SLA then scrapped the co-CEO model.Bird had been at Citigroup for 21 years before retiring in November last year. He was CEO of global consumer banking from 2015, having been the CEO for all of Citigroup’s Asia Pacific business lines before then.Sir Douglas Flint, chair of SLA, said: “The transition from Keith Skeoch was always going to be a challenge to deliver, given the incredible scale and range of his contributions to the success of the company over many years. I am however extremely pleased to say we have found a truly worthy successor.“I am delighted to welcome Stephen to Standard Life Aberdeen and am looking forward to working with him. He is an inspiring leader with a great track record and experience in leading businesses to harness digital technology to improve both productivity and the client and customer experience.” Following the Bird-Skeoch handover, the SLA board will comprise two executive directors, eight non-executive directors and the chairman. The board will be made up of five women and six men.
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- Asset manager roundup: Natixis and La Banque Postale agree merger