France 2nd Largest Banking Group BPCE Asset Manager Generali Investments & Natixis Investment Managers Announced Joint Venture Merger to Create $1.97 Trillion Asset Manager with Both Companies to Own 50% Each of Combined Business, Expected Completion of Transaction by Early 2026, $1.9 Trillion AUM with 61% from Europe, 34% North America and 5% in Asia & Rest of the World, Asset Class with 65% in Fixed Income, 21% in Equities, 14% in Private Markets & Others, 61% of AUM from Insurers & Pension Funds, 14% from Institutional Investors, 25% from Retail & Wholesale Clients, New Entity to be Established in Netherlands & Operational Hubs in France, Italy & United States, Cathay Financial Holdings Subsidiary Cathay Life Remains as Strategic Partner
23rd January 2025 | Hong Kong
France 2nd largest banking group BPCE asset manager Generali Investments & Natixis Investment Managers have announced a joint venture merger to create an asset management giant with $1.97 trillion AUM (EUR 1.9 trillion), with both companies to own 50% each of the combined business. The expected completion of transaction is by early 2026. The combined entity has $1.9 trillion AUM with 61% from Europe, 34% North America and 5% in Asia & Rest of the World. Asset Class with 65% in Fixed Income, 21% in Equities, 14% in Private Markets & Others. 61% of AUM from Insurers & Pension Funds, 14% from Institutional Investors, 25% from Retail & Wholesale Clients. The new entity will be established in Netherlands, with operational hubs in France, Italy & United States. Cathay Financial Holdings subsidiary Cathay Life will remain as strategic partner. Announcement (21/1/25): “Assicurazioni Generali S.p.A. (“Generali”) and BPCE today announce that they have signed a non-binding Memorandum of Understanding (“MoU”) to create a joint venture between their respective asset management operations Generali Investments Holding (“GIH”)1 and Natixis Investment Managers (“Natixis IM”). BPCE (through Natixis IM) and GIH would each own 50% of the combined business with balanced governance and control rights … … The Board of Directors of the entity would comprise an equal number of representatives from BPCE and Generali supplemented by 3 independent directors, jointly selected by BPCE and Generali. Upon the creation of the joint venture, BPCE’s CEO, Nicolas Namias, would act as Chairman of the Board, while Generali’s CEO, Philippe Donnet, would act as Vice Chairman. Woody Bradford, the current CEO of GIH, would be the CEO of the global entity, and Philippe Setbon, the current CEO of Natixis IM, would be the Deputy CEO … … The parties’ respective employee representative bodies will be consulted before any definitive transaction documents are signed. The closing of the potential combination would be subject to customary regulatory approvals and expected by early 2026.”
“ France 2nd Largest Banking Group BPCE Asset Manager Generali Investments & Natixis Investment Managers Announced Joint Venture Merger to Create $1.97 Trillion Asset Manager with Both Companies to Own 50% Each of Combined Business, Expected Completion of Transaction by Early 2026, $1.9 Trillion AUM with 61% from Europe, 34% North America and 5% in Asia & Rest of the World, Asset Class with 65% in Fixed Income, 21% in Equities, 14% in Private Markets & Others, 61% of AUM from Insurers & Pension Funds, 14% from Institutional Investors, 25% from Retail & Wholesale Clients, New Entity to be Established in Netherlands & Operational Hubs in France, Italy & United States, Cathay Financial Holdings Subsidiary Cathay Life Remains as Strategic Partner “
Philippe Donnet, Group CEO of Assicurazioni Generali: “As a leading global integrated insurer and asset manager with a clear long-term vision as a Lifetime Partner to our customers, Generali is committed to further building on the successful transformation and diversification of our Group. The creation of a joint venture with BPCE would present 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 our customers, led by Woody Bradford, Philippe Setbon, Nicolas Namias, and me. Our home country Italy and all other countries in which we serve our customers would benefit from an even stronger asset management platform with greater investment capabilities that deliver real benefits to the economy. 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. I am immensely proud of our employees’ and affiliates’ hard work over this period.”
Nicolas Namias, CEO of BPCE: “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. We are proud to have gathered a distinctive array of talent, with a unique balance of business between Europe and the United States. 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. Together with Philippe Donnet, Woody Bradford, Philippe Setbon and the teams at Generali Investments and Natixis IM, we would leverage our strengths in France, Italy, and the United States to innovate for our clients and transform the asset management sector. With our Vision 2030 plan launched last June, we expressed our ambition to expand in France, Europe, and beyond. It’s very exciting to kick off a project that aligns perfectly with these goals. Building on our recent announcement of the creation of the European leader in equipment leasing and one of the largest European payment processors, this new ambition in asset management illustrates that the dynamic of transformation and acceleration at BPCE is fully underway.”
Key Business Highlights – With over €1.9 trillion of assets under management (“AUM”), the combination would create a global asset management platform with leading positions and critical scale in both Europe and North America. The combined business would rank #1 by revenues and #2 by AUM in Europe, #9 by AUM globally, and #1 in insurance asset management by AUM worldwide. The creation of an asset management leader with strong European roots backed by BPCE and Generali would present a unique opportunity to build and scale a platform that is well-positioned to compete on a global level, generating significant benefits for stakeholders in all its regions. Both BPCE and Generali have longstanding track records of investing in the growth and resilience of the economies in which they operate, contributing significantly through profitable investments executed by the asset management affiliates. With the two groups sharing a similar approach operating multi-affiliate models that have demonstrated their ability to create value, the combined platform would offer a wide range of competitive strategic solutions to all categories of clients, ranging from Banque Populaire and Caisse d’Epargne’s retail customers, wholesale intermediaries to institutional investors worldwide. The business would offer a complementary range of investment capabilities across both traditional and alternative asset classes, providing an ideal position to address shifting and increasingly sophisticated client needs. The combined platform would also be better placed to further scale its third-party business in Europe, North America and regions with attractive growth potential in Asia, building on a global distribution network comprising a strong centralised platform complemented by local presence and multi-channel partnerships. In addition, Cathay Life, a subsidiary of Cathay Financial Holdings, one of the largest Asia-based financial institutions, would remain an important strategic partner. Generali and BPCE would retain full authority over asset allocation decisions for their respective assets. As a result, the joint venture would benefit from a significant large pool of long-term insurance capital translating into a key strong competitive advantage for its combined network of affiliates, while offering both BPCE and Generali attractive opportunities to deploy their capital and seed new strategies to unlock new venues of growth, especially in private markets. In line with its investment approach, Generali would commit to deploying € 15 billion in seed and acceleration capital over 5 years across the affiliates forming the joint platform, enhancing the capability to develop new investment strategies and contribute to further expansion of competencies and product offering.
Key financial highlights – The joint venture would result from the contribution of assets and activities valued at approximately €9.5bn in total. The enlarged business, would manage €1.9 trillion in assets under management (AUM) with a balanced and diversified breakdown illustrated by
- a presence worldwide with core geographies, Europe (61% of AUM) – including a strong footprint in France and Italy, North America (34% of AUM) as well as a footprint in Asia and in other countries (5% of AUM)
- a comprehensive range of strategies across asset classes with fixed income (c.65% of AUM), equities (c.21% of AUM) supplemented by recognized private markets and other franchises (c.14% of AUM)
The combined entity would serve a diversified client base from both groups and third-parties. Insurers and pension funds would represent more than half of the assets (c.61% of AUM) with the balance split between other institutional and retail / wholesale clients (respectively representing c.14% and c.25% of AUM).
Key Structure, Governance & Employee Highlights
- The combined business would be co-controlled by the two financial institutions, with each holding a 50% interest, and would operate under a joint governance structure with balanced representation and control.
- The entity holding the combined activities would be established in Amsterdam, the Netherlands, while France, Italy and the United States would remain operational hubs of the combined business in charge of the day-to-day operations.
- The Board of Directors of the entity would comprise an equal number of representatives from BPCE and Generali supplemented by 3 independent directors, jointly selected by BPCE and Generali. Upon the creation of the joint venture, BPCE’s CEO, Nicolas Namias, would act as Chairman of the Board, while Generali’s CEO, Philippe Donnet, would act as Vice Chairman.
- Woody Bradford, the current CEO of GIH, would be the CEO of the global entity, and Philippe Setbon, the current CEO of Natixis IM, would be the Deputy CEO.
- The creation of this global asset management leader would also provide employees with access to a broader and more diverse platform, offering enhanced career opportunities on an international scale. Special attention would be given to preserving and fostering the entrepreneurial spirit that has been key to the success of the various affiliated investment managers.
- The parties’ respective employee representative bodies will be consulted before any definitive transaction documents are signed. The closing of the potential combination would be subject to customary regulatory approvals and expected by early 2026.
BPCE – BPCE is the second-largest banking group in France and the fourth largest banking group in the euro zone in terms of capitalization. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The Group’s financial strength is recognized by four credit rating agencies with the following senior preferred LT ratings: Moody’s (A1, stable outlook), Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook) and R&I (A+, stable outlook).
Generali – Generali is one of the largest global insurance and asset management providers. Established in 1831, it is present in over 50 countries in the world, with a total premium income of € 82.5 billion in 2023. With around 82,000 employees serving 70 million customers, the group has a leading position in Europe and a growing presence in Asia and Latin America. At the heart of Generali’s strategy is its Lifetime Partner commitment to customers, achieved through innovative and personalised solutions, best-in-class customer experience and its digitalised global distribution capabilities. The group has fully embedded sustainability into all strategic choices, with the aim to create value for all stakeholders while building a fairer and more resilient society.
Natixis Investment Managers – Natixis Investment Managers’ multi-affiliate approach connects clients to the independent thinking and focused expertise of more than 15 active managers. Ranked among the world’s largest asset managers1 with more than $1.4 trillion assets under management2 (€1.2 trillion), Natixis Investment Managers delivers a diverse range of solutions across asset classes, styles, and vehicles, including innovative environmental, social, and governance (ESG) strategies and products dedicated to advancing sustainable finance. The firm partners with clients in order to understand their unique needs and provide insights and investment solutions tailored to their long-term goals. Headquartered in Paris and Boston, Natixis Investment Managers is part of the Global Financial Services division of Groupe BPCE, the second-largest banking group in France through the Banque Populaire and Caisse d’Epargne retail networks. Natixis Investment Managers’ affiliated investment management firms include AEW; DNCA Investments;3 Dorval Asset Management; Flexstone Partners; Gateway Investment Advisers; Harris | Oakmark; Investors Mutual Limited; Loomis, Sayles & Company; Mirova; MV Credit; Naxicap Partners; Ossiam; Ostrum Asset Management; Seventure Partners; Thematics Asset Management; Vauban Infrastructure Partners; Vaughan Nelson Investment Management; and WCM Investment Management. Additionally, investment solutions are offered through Natixis Investment Managers Solutions and Natixis Advisors, LLC.
France 2nd Largest Banking Group BPCE Asset Manager Generali Investments & Natixis Investment Managers Announced Joint Venture Merger to Create $1.97 Trillion Asset Manager with Both Companies to Own 50% Each of Combined Business, Expected Completion of Transaction by Early 2026, $1.9 Trillion AUM with 61% from Europe, 34% North America and 5% in Asia & Rest of the World, Asset Class with 65% in Fixed Income, 21% in Equities, 14% in Private Markets & Others, 61% of AUM from Insurers & Pension Funds, 14% from Institutional Investors, 25% from Retail & Wholesale Clients, New Entity to be Established in Netherlands & Operational Hubs in France, Italy & United States, Cathay Financial Holdings Subsidiary Cathay Life Remains as Strategic Partner
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