Deals & People August 12, 2011

Natixis Appoints Head of North America Corporate and Sponsor Coverage

Natixis announced that William Maier has been appointed Head of Corporate and Sponsor Coverage for North America.
Reported by

Maier will be responsible for all client coverage for corporations and private equity sponsors in North America and London. His focus will be on developing relationships in key industry sectors for Global Coverage within the Corporate and Investment Banking Division, in a move that is designed to reinforce the U.S. Coverage function.   

Maier will manage a team that has been further strengthened with the addition of Managing Directors Patric Lager and David Zimbalist and Director Gerardo Canet. Together with Pieter van Tulder, previously Head of Multinational Corporate Banking, and his team these developments more than double the staff collectively focusing on corporates and sponsors on the Americas platform. Maier also joins the U.S. CIB Executive Committee.  

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Maier was most recently Head of Acquisition & Sponsor Finance for CIB Americas, and has been with Natixis and its predecessor companies since 1990. He began his career with NatWest Bank focusing on the Telecommunications/Media sector and Acquisition Finance. He is a graduate of Cornell University with a B.A. from the College of Arts & Sciences.
The Markets August 12, 2011

Mutual Funds See Net Outflows in July

Uncertainty over the economy accelerated in July, causing U.S. mutual fund investors to net redeem an estimated $16 billion in cash out of U.S. stock and bond mutual funds, according to Strategic Insight.
Reported by

July redemptions equaled about 0.2% of assets held in stock and bond funds.  

Strategic Insight (SI), an Asset International company, said the extraordinary decline of stock prices in early August resulted, not surprisingly, in accelerating redemption. In the first week of August, SI estimates that stock fund net redemptions equaled about 0.3% of the more than $6 trillion held in equity funds. Meanwhile, the dramatic volatility of the second week may have resulted in further stock fund net withdrawals of about 0.5% of stock fund assets. These ratios – suggesting that just $3 to $5 out of $1,000 invested in stock funds net redeemed during each week of the market extreme volatility – are nevertheless reassuring, and in line with historical redemption patterns studied by SI over the past 20 years and before.  

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July’s fund flows data already suggested fragile investor confidence. In July 2011, bond mutual funds saw net inflows of $8.4 billion, led by demand for global and emerging markets bonds, as investors continued to put money into taxable bond funds in a search for alternatives to low-yielding cash vehicles and as low-risk ways of participating in financial markets. Through the first seven months of 2011, bond funds saw net inflows of $77 billion, a healthy pace if off from 2010’s pace. Strategic Insight expects demand for select bond funds to persist as near zero yields on cash and stock market high anxiety certain to persist for a long time.   

Demand for stock funds weakened in July and redemptions spiked in early August. (Notably, positive inflows into stock ETFs roughly matched traditional equity funds’ outflows in July.) U.S. equity mutual funds saw net outflows of $23 billion in July, and international/global equity funds saw net outflows of nearly $1 billion.  

Money-market funds saw net outflows of $113 billion in July. This represented a widening of outflows from June, when money funds saw net outflows of $44 billion.

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