BUY-SIDE NEWS
FIXED INCOME
Natixis rebrands asset man-
agement business
Natixis Investment Managers is
to rebrand its asset management
business with a renewed investment
focus towards fixed income, equity
and insurance. The rebrand will see the
€324 billion asset manager renamed
‘Ostrum Asset Management’ as part
of Natixis’ ‘New Dimension’ strategic
plan, which was laid out last year.
Alliance Trust sells Liontrust
shares for £21 million
Alliance Trust has sold its 4,060,792
shares, or 8.2% stake, in Liontrust
Asset Management and raised net
proceeds of £21 million. The global
trust firm received the shares - valued
at £17 million or 334.9p per share
- when Liontrust agreed to buy its
asset management business, Alliance
Trust Investments, in April 2017.
Global head of fixed income
trading at JP Morgan departs
JP Morgan Asset Management’s
global head of fixed income trading
has left after nearly four years with the
company. Nick Cox joined JP Morgan
Asset Management in April 2014 from
BlackRock where he was COO for
global trading and liquidity. Cox has
been replaced by Amit Bhuchar who
will assume the position of global head
of fixed income trading in New York.
10 // TheTrade // Spring 2018
Temenos and Fidessa agree
on £1.4 billion acquisition
F
idessa has agreed to terms of an all cash acquisition
by Temenos just a day after both firms confirmed they
were in discussion over a £1.4 billion deal.
Shareholders at Fidessa will receive £35.67 in cash per
share, 37% higher than the closing price one week prior to
the announcement, alongside the right to final and special
dividends.
Temenos said in a statement that the acquisition rep-
resents a “compelling opportunity to create a global leader
in financial services software”.
“The current vendor landscape is fragmented and dom-
inated by legacy technology,” said Andreas Andreades,
executive chairman at Temenos.
“This creates a huge opportunity to combine the com-
plementary product strengths of Fidessa and Temenos in
the front and back office to create a highly differentiated
multi-asset class end-to-end platform for capital markets
that will offer best in class costs and processing capabili-
ties.”
Speaking to The TRADE, analyst at Liberum, Justin Bates,
explained the transaction reflects the attractions of high
levels of recurring revenues, seen at Fidessa, and brings
about the opportunity for meaningful cost synergies.
The deal is expected to yield significant benefits for
Temenos through cross-selling opportunities, with roughly
$60 million of cost synergies targeted within three years of
the deal completing.
“More importantly, it starkly illustrates the strong desire
to secure desk real estate/own the plumbing