August 1, 2019 / 4:01 PM / 3 months ago

French bank Natixis says inflows into H2O normalized in July after massive withdrawals

PARIS, Aug 1 (Reuters) - French investment bank Natixis said in-flows of client money into its H2O asset management unit had normalized in July after massive withdrawals in June.

H2O’s assets under management fell to 26 billion euros ($28.8 billion) in late June from 31.3 billion in late March as investors withdrew funds on concerns about a key fund’s liquidity.

Natixis also said its net profit during the second quarter had fallen 32% to 346 million euros out of 2.28 billion euros in revenues.

Pre-tax profit at its asset and wealth management unit rose 20% during the second quarter while its corporate and investment banking unit posted a 43% decline in pre-tax profit.

$1 = 0.9042 euros Reporting by Inti Landauro and Matthieu Protard; Editing by Sudip Kar-Gupta

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