Top Stories
Top Stories
Wires

French bank Natixis to buy 11 pct stake in Canada's Fiera Capital

PARIS, May 9 (Reuters) - French bank Natixis has agreed to buy an 11 percent stake in Canadian asset manager Fiera Capital for around C$128 million ($95 million).

Natixis Investment Managers CEO Jean Raby will join Fiera Capital's board, while Fiera Capital will repurchase for cancellation 2.45 million Fiera Class A shares from National Bank of Canada.

"We are pleased to expand our commitment to the Canadian market by establishing this long-term partnership with one of its premier asset managers," Raby said in a statement on Thursday.

($1 = 1.3490 Canadian dollars) (Reporting by Sudip Kar-Gupta; editing by Jason Neely)