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Generali and BPCE Form Joint Venture to Create European Asset Management Giant with 1.9 Trillion Euros in Assets and 4.1 Billion Euros in Revenue

Jan 21, 2025, 06:45 AM

Assicurazioni Generali S.p.A. and BPCE have signed a non-binding memorandum of understanding to create a joint venture combining their asset management operations, Generali Investments Holding and Natixis Investment Managers. The new entity aims to become a European asset management giant, managing 1.9 trillion euros in assets and generating 4.1 billion euros in revenue. The joint venture will be equally owned by BPCE and Generali, with a balanced governance structure under a 15-year agreement. The deal, which is set to be completed by early 2026 pending regulatory approvals, will position the new entity as the top asset manager in Europe by revenue, the second largest by assets under management behind Amundi, the 9th globally in AUM, and the 1st in insurance asset management. The venture will have a global presence, with significant operations in Europe, North America, Asia, and other regions. Nicolas Namias from BPCE will serve as the chairman of the board, while Philippe Donnet from Generali will be the vice chairman. Woody Bradford and Philippe Setbon will assume the roles of CEO and deputy CEO, respectively.