March 11, 2020 / 11:21 AM / a month ago

UPDATE 1-Natixis shares hit by renewed concerns over H20 division

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PARIS, March 11 (Reuters) - Shares in French bank Natixis slumped on Wednesday, missing a broader rebound on European stock markets as traders cited renewed concerns over Natixis’ H20 Asset Management division.

Natixis shares were down by around 6% in early session trading - underperforming a 1.7% rise on Paris’ SBF-120 equity index and a 2.4% rise on the STOXX European 600 Banks index.

Traders and fund managers cited a Financial Times article which said the bank’s H20 unit had been hit by the recent wild swings on financial markets.

“It’s linked to the news of losses on H20,” said a Paris-based fund manager.

Natixis declined to comment.

The London-based H20 division suffered outflows in June last year following concerns over a key fund’s liquidity and governance, although it had since staged a recovery.

According to its website, H20 had around $34 billion of assets under management at the end of 2019. (Reporting by Sudip Kar-Gupta; Additional reporting by Gwenaelle Barzic; Editing by Louise Heavens and Elaine Hardcastle)

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