Chairman resigns as Cape Natixis put under special administration

Simone Cimino's decision to leave the firm was prompted by Italy's finance ministry's decision to put Cape under extraordinary administration, as irregularities were discovered in the management of its two vehicles, Cape Natixis Private Equity and Cape Natixis Due.

French banking group Natixis said the "serious" irregularities and rule infringements were first uncovered during an audit by the Bank of Italy. It is awaiting the results of a final audit.

In order to "put an end to irregularities" and act "in investors' interests", special administrators have been nominated to manage the investment firm under the central bank's supervision

Cape Natixis was established in 2003 through the merger of Italy's Cimino & Associati Private Equity (CAPE), which owns 51% of the company, and Natixis Private Equity International, which holds the remaining share capital.

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• Southern Europe
• Natixis Bank