Natixis and Moelis Asset Management have launched Chamonix Partners Capital Management, a new joint venture aimed at using structured products as underlyings of a new range of funds.
The new entity will be managing the $1.3bn Vallee Blanche Fund Alpha which will buy euro and US dollar-denominated fund-linked structured products from Natixis’s GAPC – Gestion Active des portefuilles Cantonnés.
This will allow Natixis to eventually close the GAPC division. The funds’ partners will be external to both Natixis and Moelis. Chamonix will then be able to purchase other structured products funds.
“Chamonix will be active in structured products, but not limit itself to it, and will target all situations where a financial institution wants to sell assets or portfolios,” Yadin Rozov, managing director at Moelis & Company, told SRP.
Chamonix will be overseen by a board of managers consisting of three representatives appointed by Natixis and three representatives appointed by Moelis.
“The fund is a way for Moelis & Company to increase collaboration and capitalise on the relationships we have built with Natixis,” said Benoit Renon, managing director at Moelis & Company. “We are very complementary in terms of both skill set and access.”
Chamonix will manage Vallee Blanche Fund Alpha through an investment committee. Martin St. Pierre, who chairs the investment committee, was most recently global chief executive at GAPC. He has 20 years of capital markets experience.
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