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Natixis Investment Managers (Natixis) announced it has signed an agreement to acquire a
minority stake in WCM Investment Management (WCM) and become their exclusive third-party
distributor, subject to limited exclusions. The agreement establishes a long-term partnership
that will allow Natixis to distribute WCM’s investment strategies globally, which in turn enhances
WCM’s ability to grow and create opportunity for its clients and employees while upholding its
focus on its culture and investment process.
With $29 billion of assets under management (as of May 31, 2018), employee-owned WCM is best
known for managing low-turnover, alpha-generating equity portfolios with a focused, global growth
approach. WCM’s strategies are differentiated by first, an emphasis on the dynamics of competitive
advantage and second, the critical role of a healthy culture aligned with that advantage. The addition of
WCM to Natixis’ global multi-affiliate platform will give Natixis clients access to another high-conviction,
high-active share investment manager with a distinctive investment culture and process.
Under the terms of the agreement, Natixis Investment Managers will acquire a 24.9% stake in WCM
and enter into a long-term exclusive distribution agreement, subject to limited exclusions. WCM will
retain its independence and autonomy over the management of its business, its investment philosophy
and process, and its culture, while benefitting from a strong global partner. Paul Black and Kurt Winrich
will remain as co-CEOs, and there will be no changes to management or investment teams. The impact
of the transaction on Natixis’ CET1 ratio is estimated to be approximately -15 basis points (bps).
“We are pleased to become the global third-party distributor for WCM, whose strong track record and
proven investment process make them an excellent partner and strong addition to our global offering,”
said Jean Raby, CEO of Natixis Investment Managers. “Our investment in WCM exemplifies our
commitment to adding high-conviction, highly active investment managers to our multi-affiliate platform
in order to provide our clients with a wide range of unique investment opportunities.”
“We’re really excited to enter into this partnership with Natixis,” said Paul Black, Co-CEO of WCM
Investment Management. “After a lot of thought and collective input, we concluded the smartest way to
enhance our stability, and to guard our investment temperament, was to partner with a world-class global
distribution platform. For some time now, we’ve known that diversifying the product mix within the firm—
by raising the profile of our global strategy, our emerging markets strategy, and various other investment
strategies—is the key to making this happen.”
“Our culture starts with kindling an entrepreneurial spirit, driven by empowerment and transparency,”
said Kurt Winrich, Co-CEO of WCM Investment Management. “We try hard to pay attention, seize
opportunity, be smart, stay humble, and stay hungry. While working hard and caring for your people is
essential, we strongly believe it doesn’t explain everything, and that success also involves being given
some opportunities. Today, we have another opportunity placed before us. This partnership will allow
us to stay focused on what we do best; namely nurturing and growing a vibrant, robust culture, and
generating superior performance for our clients.”
WCM was advised by Cambridge International Partners, New York. The transaction is expected to close in the second half of 2018, subject to customary closing conditions and regulatory approvals.
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