€549mil for 71%
net income of €215mil
€14.2bil AUM
Natixis Plans to Buy Asset Manager DNCA as Net Income Rises
2015-02-19 06:00:01.0 GMT
By Fabio Benedetti-Valentini
(Bloomberg) -- Natixis SA said it’s buying a majority stake
in French asset manager DNCA as fourth-quarter profit rose on
higher sales from wholesale banking and money management.
Net income rose to 215 million euros ($245 million) from
150 million euros a year earlier, the Paris-based company said
in a statement. Earnings missed the 250 million-euro average
estimate of six analysts surveyed by Bloomberg.
Natixis plans to acquire 71 percent of DNCA for 549 million
euros, a deal that should boost the bank’s earnings-per-share by
4 percent based on 2014 earnings, it said. The company, which
runs the investment-banking, insurance and asset-management
units of France’s second-biggest lender by branches, Groupe
BPCE, targets annual sales from its main businesses that will
exceed 8 billion euros by 2017.
“All our businesses made progress and exceeded their
revenue targets in France and abroad,” Chief Executive Officer
Laurent Mignon, 51, said in the statement. “DNCA would
represent a major reinforcement to our position in asset
management in Europe and make a positive contribution to growth
right from 2015.”
Natixis’s board yesterday renewed Mignon’s mandate as CEO
until 2019. Under Mignon as CEO, Natixis has been profitable
since the second half of 2009.
One-Time Dividend
Natixis is proposing a dividend of 20 cents per share for
2014 and and an exceptional payout of 14 cents from funds
released by Coface SA’s public offering last year, it said.
Capital-markets revenue rose 9 percent to 330 million euros
in the fourth quarter, Natixis said. Corporate-financing sales
rose 11 percent, helped by trade finance and Asian business,
while structured-financing revenue gained 6 percent in the
period.
Natixis is buying DNCA from TA Associates Management LP,
staff and Gruppo Banca Leonardo. In a separate transaction,
Natixis also plans to buy Leonardo’s French M&A business
specializing in midcaps, the company said.
Asset-management revenue rose 17 percent to 599 million
euros, helped by 4 billion euros of net inflows in the three
months through December.
For Related News and Information:
Top Stories:TOP<GO>
Top Financial News:FTOP <GO>
For French Banking Stories:TNI FRA BNK <GO>
European Crisis Monitor:CRISIS <GO>
To contact the reporter on this story:
Fabio Benedetti-Valentini in Paris at +33-1-5365-5095 or
fabiobv@bloomberg.net
To contact the editors responsible for this story:
Elisa Martinuzzi at +39-02-8064-4218 or
emartinuzzi@bloomberg.net
James Kraus
2015-02-19 06:00:01.0 GMT
By Fabio Benedetti-Valentini
(Bloomberg) -- Natixis SA said it’s buying a majority stake
in French asset manager DNCA as fourth-quarter profit rose on
higher sales from wholesale banking and money management.
Net income rose to 215 million euros ($245 million) from
150 million euros a year earlier, the Paris-based company said
in a statement. Earnings missed the 250 million-euro average
estimate of six analysts surveyed by Bloomberg.
Natixis plans to acquire 71 percent of DNCA for 549 million
euros, a deal that should boost the bank’s earnings-per-share by
4 percent based on 2014 earnings, it said. The company, which
runs the investment-banking, insurance and asset-management
units of France’s second-biggest lender by branches, Groupe
BPCE, targets annual sales from its main businesses that will
exceed 8 billion euros by 2017.
“All our businesses made progress and exceeded their
revenue targets in France and abroad,” Chief Executive Officer
Laurent Mignon, 51, said in the statement. “DNCA would
represent a major reinforcement to our position in asset
management in Europe and make a positive contribution to growth
right from 2015.”
Natixis’s board yesterday renewed Mignon’s mandate as CEO
until 2019. Under Mignon as CEO, Natixis has been profitable
since the second half of 2009.
One-Time Dividend
Natixis is proposing a dividend of 20 cents per share for
2014 and and an exceptional payout of 14 cents from funds
released by Coface SA’s public offering last year, it said.
Capital-markets revenue rose 9 percent to 330 million euros
in the fourth quarter, Natixis said. Corporate-financing sales
rose 11 percent, helped by trade finance and Asian business,
while structured-financing revenue gained 6 percent in the
period.
Natixis is buying DNCA from TA Associates Management LP,
staff and Gruppo Banca Leonardo. In a separate transaction,
Natixis also plans to buy Leonardo’s French M&A business
specializing in midcaps, the company said.
Asset-management revenue rose 17 percent to 599 million
euros, helped by 4 billion euros of net inflows in the three
months through December.
For Related News and Information:
Top Stories:TOP<GO>
Top Financial News:FTOP <GO>
For French Banking Stories:TNI FRA BNK <GO>
European Crisis Monitor:CRISIS <GO>
To contact the reporter on this story:
Fabio Benedetti-Valentini in Paris at +33-1-5365-5095 or
fabiobv@bloomberg.net
To contact the editors responsible for this story:
Elisa Martinuzzi at +39-02-8064-4218 or
emartinuzzi@bloomberg.net
James Kraus