The U.S. fund boutique Harris Associates and Credit Suisse have gone through some turbulent times together. Now, there are signs of movement relating to the Harris parent company.
French banking group BCPE is exploring various strategic options for their asset management arm Natixis, which is also active in Switzerland. This was reported by «Bloomberg» (paid article) on Friday, which referred to anonymous sources.
According to the report, various scenarios are being played through with external advisors, including the purchase of the investment company. With $1.2 trillion in assets under management, it is certainly one of the European heavyweights. The report further stated that a decision will be made by mid-2024.
On a Growth Strategy
When finews.asia approached the Swiss branch of Natixis, the Head of German-speaking Switzerland Timo Paul said that the company does not comment on market rumors.
The French investment company, with five employees in Geneva and five in Zurich, offers a broad range of products for institutional and banking clients (wholesale); the asset management firm is on a sustained course of growth in this country as well.
Once the Largest Credit Suisse Shareholder
David Herro (Image: Morningstar)
In the Swiss financial sector, one of the more than 15 fund boutiques in the group is even more well-known than Natixis itself: the financial investor Harris Associates, based in Chicago. For years, the company made the headlines with its chief investment officer David Herro (image above) as it was at times the largest shareholder of Credit Suisse; at the start of last March, and thus shortly before the forced takeover of the bank by the larger UBS, the investment company sold its last shares in the institution.
Swiss Fans
All things considered, the Credit Suisse involvement turned out to be loss-making for Harris Associates. The fund boutique had become involved with Credit Suisse for the first time as early as 2002, but then sold up in the 2008 financial crisis, just to get back on board again in 2009 and with more weight than ever before. In the best times at Harris, they traded the Credit Suisse shares at 56 Swiss francs ($64).
The Americans are still a firm part of the Natixis offer and, as we understand, they also have their fans in Switzerland. At least in the long term and view over the entire portfolio, the track record of Harris Associates is clear for all to see.
