Since the merger of BNP Paribas and Axa IM was finalized on December 23, the asset management industry has talked of nothing but the creation of a new European giant. It is the result of bringing together the asset management activities of Generali Investments, worth €630 billion and Natixis Investment Managers, worth €1.3 billion.
Generali and BPCE have signed a non-binding memorandum of understanding to this effect, creating a "champion" with €1.9 billion in assets under management, ranking ninth worldwide by AUM and the asset manager in Europe with the highest revenue (€4.1 billion).
BPCE, via Natixis IM, and GIH would each "own 50% of the activities" of the new entity "with balanced governance and control," said the two companies in a joint press release. BPCE's current Chairman of the Management Board Nicolas Namias, would become chairman of the board of directors, while Generali's chief executive, Philippe Donnet, would become vice-chairman.
Woody Bradford, current CEO of GIH, would become CEO of the new entity, which would result from the contribution of assets and activities valued at around €9.5 billion in total, while Philippe Setbon, currently CEO of Natixis IM, would become deputy director general.
The new structure, which is expected to come into effect in early 2026, would manage a "balanced" and "diversified" asset base, with a global presence spread across several major regions: Europe — 61% of assets under management with notably strong positions in France and Italy, North America, 34%, and Asia Pacific, 5%. This is in addition to a comprehensive range of strategies covering all asset classes: bonds at 65%, equities at 21%, and private assets and other strategies at 14%.
"Today, we are delighted to take another step towards creating Europe's largest asset manager and a leading global player, alongside Generali, a financial institution that shares our values," said Nicolas Namias, chairman of the management board of BPCE, in the press release.
"The creation of a joint venture with BPCE would represent a unique opportunity to build a leading asset manager in Europe and in the top 10 worldwide, capitalizing on its strong roots in Italy, France and the United States," added Philippe Donnet, managing director of Assicurazioni Generali.
Amundi currently leads the way in Europe, with assets under management of €2.192 billion as of the third quarter of 2024.