Paris-based BPCE and Milan-headquartered Generali are joining forces in a 1,900 billion euro asset management venture, set to dominate Europe’s market by revenue. The new Amsterdam-based entity will rival industry heavyweight Amundi, signalling a consolidation trend as asset managers seek scale in a competitive market.
The new entity will combine Generali Investments Holding (GIH) and BPCE’s Natixis Investment Managers under a 50-50 ownership structure, with equal governance. The merged business will generate 4.1 billion euro in annual revenue, will employ some 6,500 people, and its headquarters will be based in Amsterdam.
For comparison, Amundi, part of French bank Credit Agricole, has reported 3.2 billion in annual revenues for 2023. Amundi, which decided recently not to pursue a takeover of Allianz Global Investors, last reported some 2,200 billion euro in assets, making it still Europe’s biggest asset manager in terms of assets.
‘New step toward’
In the merger announcement, Nicolas Namias, CEO of BPCE, said the firms are “thrilled to take a new step toward creating the largest asset manager in Europe and a major global player.”
Namias will chair the board of the new company, while Philippe Donnet, CEO of Generali, will serve as vice-chairman. Woody Bradford, currently CEO of Generali Investments, has been named CEO, and Philippe Setbon of Natixis IM will act as deputy CEO.
Consolidation trend
The merger reflects the accelerating trend of consolidation in the European asset management industry, where scale has become critical to compete globally. Recent deals, including BNP Paribas’ acquisition of AXA Investment Managers and Goldman Sachs’ takeover of NN Investment Partners, have underscored the need for regional players to strengthen their positions amid increasing competition from dominant US firms such as Blackrock and Vanguard.
As operating costs rise and margins tighten, partnerships and acquisitions are reshaping the landscape to drive efficiency, enhance capabilities, and meet growing investor demand for diversified offerings.
Donnet said the partnership with BPCE represents a pivotal milestone in Generali’s asset management journey, building on seven years of strategic progress. “This joint venture combines our shared values and operational strengths, creating the ideal foundation for seamless integration. It also allows us to establish a European leader and a global top 10 asset manager, leveraging our strong roots in Italy, France, and the United States to meet the ever-evolving needs of our clients.”
Complementary geography
The merger is designed to strengthen both groups’ presence in Europe and North America, leveraging a complementary geographical footprint across France, Italy, and the United States. The entity will offer a diversified range of investment strategies, including insurance asset management, fixed income, equities, and private markets.
Generali will commit 15 billion euro in seed capital over five years to accelerate the expansion of private markets and innovative strategies. The joint venture also aims to deliver growth synergies and significant cost savings.
61% institutional clients
The combined entity will cater to institutional and retail clients, including insurers, pension funds, and wholesale distributors. Approximately 61 percent of its assets will be managed on behalf of insurers and pension funds, with 25 percent allocated to retail and wholesale clients, the firms said.
The merger also seeks to enhance global distribution capabilities and strengthen client offerings. Both BPCE and Generali will retain authority over asset allocation decisions for their own portfolios.
The deal is subject to consultations with employee representatives and regulatory approval. Completion is anticipated in early 2026. Both firms have stated the transaction will have a neutral impact on their respective capital positions.
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