Assicurazioni Generali and BPCE have signed a non-binding memorandum of understanding (MoU) to establish a 50-50 joint venture (JV) between their respective asset management operations, managing €1.9 trillion in assets.
The proposed partnership will combine Generali Investments Holding (GIH) and BPCE’s Natixis Investment Managers (Natixis IM).
The new entity is expected to become the ninth-largest asset manager globally by assets under management (AUM) and the largest in Europe, with €4.1bn in revenues.
Under the agreement, both Generali and BPCE would contribute equally to the governance of the new entity.
BPCE 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 proposed asset management JV aims to leverage complementary strengths in key markets, including France, Italy, and the US. It will maintain operational hubs in these regions, with its headquarters based in Amsterdam.
In addition, the combined entity would bring expertise across asset classes, including fixed income, equities, and private markets. This expertise aims to meet the needs of a diverse client base comprising insurers, pension funds, institutional investors, and retail clients.
Approximately 61% of the AUM is expected to be originated from insurance and pension fund clients, with the remainder split between other institutional and retail/wholesale clients.
The collaboration would further enhance private asset offerings, supported by a €15bn seed and acceleration capital commitment from Generali over five years.
Furthermore, the JV seeks to scale operations in third-party markets across Europe, North America, and high-growth regions in Asia.
Assicurazioni Generali group CEO Philippe Donnet said: “Partnering with BPCE, which shares a similar culture and operational approach, ensures ideal conditions for a smooth and successful integration path for the combined business.
“The joint venture marks a key milestone since the launch of Generali’s asset management business seven years ago and is testament to the significant achievements over the most recent strategic cycles.”
Generali and BPCE would retain full authority over their respective asset allocations.
Subject to consultation with employee representative bodies and regulatory approvals, the transaction is expected to be completed by early 2026.
