Natixis Investment Managers (Natixis IM) has appointed Raphael Zenou as Head of ETF Capital Markets.
Article created by the editorial staff of ETFWorld.co.uk
Raphael Zenou, Head of ETF Capital Markets at Natixis IM
The manager, who joins from Amundi, will be responsible for accelerating the development of Natixis IM’s ETF range, with the first launch expected by the end of 2026.
The announcement, made on 27 July 2026, forms part of the company’s plan to accelerate the development of its ETF range, with the first launch scheduled by the end of the year. Zenou, joining from Amundi, will be based in Paris and will report to Mathieu Cheula, CEO of Natixis Investment Managers International (NIMI).
The role and reporting structure
Zenou will be based at the Paris office. He will report in two ways: hierarchically to Mathieu Cheula, CEO of NIMI, and functionally to Aline Flamain, Director of the Active ETF programme.
In his new role, he will work closely with the Product, Distribution and Operations teams, as well as with the fund managers at the group’s subsidiaries. The stated objective is to ensure the products are launched on the market in an orderly manner.
Raphael Zenou’s profile
Zenou joins from Amundi, where he most recently led the activities of the ETF Capital Markets platform.
His expertise covers the key areas of ETF operations: market structure, liquidity management, primary market transactions, relations with industry participants and technology. This is the typical remit of a capital markets function, tasked with ensuring the efficiency of trading and settlement of funds once they are listed.
Natixis IM’s entry into active ETFs
The appointment is linked to the launch of the Natixis-branded ETF range in Europe. The first launch is expected by the end of 2026.
Fabrice Chemouny, Head of International Distribution at Natixis Investment Managers, commented: “The launch of our ETF products, scheduled for the end of the year, represents a key milestone in our global distribution strategy. The arrival of a professional of Raphael’s calibre is a real asset for us. His in-depth knowledge of the ETF capital markets will help to accelerate our offering and grow our business.”
The European project had already been hinted at in recent months. Earlier in 2026, Chemouny had indicated the intention to launch active ETFs in Europe in the second half of the year, and according to reports by ETF Stream, the company has filed applications for its own-brand ETFs on the continent.
Natixis IM operates a multi-affiliate model, bringing together over 15 asset management companies, and forms part of Groupe BPCE’s global business lines. Assets under management across the affiliated entities stood at €1,261 billion as at 31 March 2026 (source: Natixis IM).
At group level, expansion into ETFs is already underway through its affiliates. In June 2026, Loomis Sayles, an affiliate of Natixis IM, listed two actively managed bond ETFs in the United States (NYSE Arca: LSTB and LSCP). These are US products, distinct from the future European range under the Natixis brand.
The European active ETF market landscape
Natixis IM’s entry comes at a time of strong growth in the active ETF segment in Europe. According to Morningstar data, 36 active ETFs were launched in Europe in the first quarter of 2026, with no closures during the period; equity strategies accounted for the largest share of new products.
Demand remains focused on this product structure. State Street’s 2025 EMEA Wealth Manager Survey indicates that 88 per cent of wealth managers plan to use ETFs more frequently in their clients’ portfolios.
Several managers with a tradition in mutual funds are preparing for, or have already begun, their entry into the active ETF segment in Europe. Natixis IM’s move fits within this competitive landscape.
Conclusions
The appointment of Raphael Zenou strengthens Natixis IM’s capital markets expertise ahead of the launch of its own-brand ETF range. The reporting structure links the new role to both the international division (NIMI) and the programme dedicated to active ETFs.
The next step is the launch of the first products, expected by the end of 2026. This will be the true test of the company’s positioning in the European ETF market.
Source: ETFWorld.co.uk
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