The groundbreaking acquisition of AXA Investment Managers by BNP Paribas is becoming increasingly concrete on the ground. In Brussels, AXA IM Benelux is being dissolved after nearly thirty years. The branch in Amsterdam will also disappear.
The French banking giant BNP Paribas finalized the acquisition of AXA IM on July 1 of this year, creating a fund powerhouse with 1,500 billion euro in assets in the making. The ambitious plan is to bring together BNP Paribas Asset Management, BNP Paribas Real Estate Investment Management (REIM), and AXA IM.
The closing immediately marked the starting point for the merger of numerous international legal entities. In this merger process, AXA IM Benelux ceases to exist. The Brussels company, located with the namesake insurer at Place du Trône near the Royal Palace, is being fully absorbed by BNP Paribas AM Europe, headquartered on Boulevard Haussmann in Paris.
The boards of directors of both companies approved the merger by absorption earlier this month. From an accounting perspective, the merger will be effective as of January 1, 2026, although the legal completion date will likely be April 1 or July 1.
Belgium and the Netherlands
“The goal is to simplify the structure of the BNP Paribas group in Belgium and the Netherlands,” the explanation goes. Conveniently, BNP Paribas AM Europe already has a subsidiary in Belgium (at the same address as the major bank BNP Paribas Fortis) and one in the Netherlands (on Herengracht in Amsterdam). The assets and liabilities of AXA IM Benelux in Belgium and the Netherlands will respectively be allocated to these two subsidiaries, which will continue the activities as legal successors.
The impact on staff appears limited. AXA IM Benelux has 21 employees: 17 in Belgium and 4 in the Netherlands. All employment contracts of AXA IM Benelux and its Dutch branch will automatically transfer to BNP AM Europe, with full retention of rights, as agreed.
It is only a small operation in the bigger picture: AXA IM had more than 3,000 employees in 19 countries at the end of 2024. Sandro Pierri, the CEO of BNP Paribas AM, is also, for the time being, CEO of AXA IM. BNP Paribas has promised to provide an update on the merger process with its third-quarter results at the end of October.