Company News

French bank Natixis: backs H20 arm's suspension of some funds

PARIS, Aug 28 (Reuters) - French bank Natixis said on Friday it supported steps taken by its H20 Asset Management arm to temporarily suspend some of its funds, and that the suspension of those funds would have no financial impact on Natixis.

H2O Asset Management said it had temporarily suspended eight of its funds for an estimated period of four weeks, with the aim of re-establishing liquidity for investors in the portion of the funds invested in liquid assets.

The H20 unit has been hit over the last year by market volatility and clients withdrawing money. Natixis owns 50.01% of H20, which has around 21.7 billion euros of assets under management, according to the H20 website.

Reporting by Sudip Kar-Gupta Editing by Chris Reese