The merger between Generali and BPCE’s Natixis Investment Managers will create a European asset management powerhouse. The joint venture will manage 1.9 trillion euros ($2 trillion) in assets, making it the largest asset manager in Europe by revenues and second-largest by assets under management. The combined entity will have a strong presence in Europe, North America, and Asia, serving a diverse client base that includes insurers and pension funds.
The merger is expected to generate synergies and growth opportunities, becoming accretive to BPCE’s earnings and Generali’s adjusted earnings and cash flow from the first year.
Asset management giant emerges
Philippe Donnet, Group CEO of Assicurazioni Generali, said, “The creation of the joint venture with BPCE provides 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 their customers.”
Nicolas Namias, CEO of BPCE, added, “Today we are thrilled to take a new step toward creating the largest asset manager in Europe and a major global player, alongside Generali, a financial institution that shares our values.”
Following completion, the joint venture will be co-controlled by BPCE and Generali, each holding a 50% interest.
The entity holding the combined activities will be established in Amsterdam, while operational hubs will remain in France, Italy, and the United States. Nicolas Namias will act as Chairman of the Board, while Philippe Donnet will act as Vice Chairman, with Woody Bradford as CEO and Philippe Setbon as Deputy CEO. The transaction is a significant development in the asset management industry, creating a formidable player with the scale and capabilities to compete on a global level.
The merger is expected to close in the second half of 2025, subject to regulatory approvals and customary closing conditions.