Lyxor has completed the integration of Commerzbank’s asset management activities including its €8.6bn ComStage ETF range
following the acquisition in July 2018.
As part of this, Lyxor has opened an asset management arm in Germany, which unites its and Commerzbank’s active and passive investment activities under one roof.
The final full merger of the two ETF ranges will be completed by mid-2020. The firm said this will create larger funds while aiming to mitigate any negative impact for existing ComStage investors by avoiding re-domiciliation and closures.
The French asset manager has had a presence in Germany since 2010 and will harness Commerzbank’s expertise, especially in the retail ETF space, to expand and deliver solutions across Germany and Austria.
The arm will be managed by Lyxor’s Guillaume de Martel and former Commerzbank equity markets and commodities head Thomas Timmermann, who have been appointed co-heads of Lyxor Deutschland.
de Martel will be responsible for portfolio management and product development while Timmermann will run sales and marketing.
Lionel Paquin (pictured), CEO of Lyxor, commented: “We are building an even stronger asset manager, right at the heart of Europe.
“With a platform founded on ETF innovation, active asset management and a deep understanding of the German retail market, I am convinced that together we will be even better placed and better equipped to support our clients as their needs evolve.”
Guido Zoeller, head of German and Austria at Société Générale, added: “The launch of the new Lyxor branch in Germany marks an important step in the on-going integration of EMC activities acquired by Société Générale from Commerzbank.
“This new platform will allow Lyxor to further strengthen its development in Europe, especially in the German market, while complementing Société Générale’s offering in Germany for the benefit of our clients.”
The French asset manager’s ETF business has gone through a tricky period this year amid rumours parent company Société Générale is looking to sell the arm. According to data from Morningstar, Lyxor saw ETF outflows of €1bn in Q3, the most across all providers in Europe.
