Italian company Assicurazioni Generali (Generali) has signed a non-binding memorandum of understanding (MoU) with French banking group BPCE to combine their asset management businesses.
Ownership of the joint venture (JV) formed between Generali Investments Holding (GIH) and BPCE’s Natixis Investment Managers (Natixis IM) would be shared equally, with each holding 50% and balanced governance and control rights.
Go deeper with GlobalData
The merged entity, managing over €1.9tn ($1.97tn) in assets, would be a global asset management platform with significant scale in Europe and North America.
It would rank first in revenues and second in assets under management (AUM) in Europe, ninth globally by AUM, and first worldwide in insurance asset management by AUM.
The combined platform, leveraging similar multi-affiliate models, would provide diverse strategic solutions for retail, wholesale, and institutional clients globally.
Generali plans to allocate €15bn ($15.5bn) over five years to seed and accelerate capital within the joint platform’s affiliates, supporting the development of new investment strategies and expanding competencies and product offerings.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataBPCE CEO Nicolas Namias said: “Over the past 20 years, BPCE has built an exceptional asset management franchise through a multi-affiliate model that creates value for all our stakeholders, namely our clients and shareholders, Banque Populaire and Caisse d’Epargne.”
The combined entity will be based in Amsterdam, the Netherlands, with France, Italy, and the United States serving as operational hubs managing daily operations.
The board of directors will include equal representatives from BPCE and Generali, along with three independent directors jointly selected by both parties.
Upon forming the joint venture, BPCE CEO Nicolas Namias will serve as chairman of the board, and Generali CEO Philippe Donnet will assume the role of vice chairman.
Woody Bradford, CEO of GIH, will become CEO of the global entity, and Philippe Setbon, CEO of Natixis IM, will serve as the deputy CEO.
Assicurazioni Generali Group CEO Philippe Donnet said: “The creation of a joint venture with BPCE would present a unique opportunity to establish a European leader and a top 10 global asset manager building on strong roots in Italy, France and the US to serve the constantly evolving needs of our customers, led by Woody Bradford, Philippe Setbon, Nicolas Namias, and me.”
The merger awaits regulatory approvals and is expected to close by early 2026.
Recently, Generali Investments agreed to acquire a majority stake in New York-based private lending firm MGG Investment Group.
