Generali and Natixis form €1.9tn asset management joint venture

Generali and Groupe BPCE, parent company of Natixis Investment Managers, have agreed to merge their asset management operations, forming a joint venture managing €1.9tn ($1.98tn) in AUM.

This partnership positions the new entity as the ninth-largest asset manager worldwide and the second-largest in Europe, following Amundi.

Under the 50-50 joint venture, Generali and BPCE signed 15-year contracts, creating a €9.5bn platform expected to generate €210m in pre-tax synergies over the next five years. Generali will contribute €15bn in seed capital, while BPCE secures preferred dividend rights in 2026 and 2027.

The venture will focus on fixed-income and equity investment strategies, catering to clients across France, Italy, the U.S., and other global markets. Generali’s Woody Bradford, who joined through the Conning Holdings acquisition, will lead the combined group as CEO. BPCE’s Nicolas Namias will serve as chairman. The deal is expected to close by early 2026, pending regulatory approvals.

This announcement comes amid increasing consolidation in the asset management sector. Recent deals include BNP Paribas’ €5.1bn acquisition of AXA Investment Managers and Banco BPM’s €1.6bn bid for Anima Holding. Analysts see the Generali-Natixis partnership as part of a broader strategy by European insurers to scale and compete more effectively in the global asset management landscape.

Generali and BPCE aim to leverage their combined scale to deliver innovative solutions and strengthen their market presence. While the partnership promises substantial synergies, analysts note it may also face operational and management complexities as it integrates two major players into a unified platform.

Source: Morningstar

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