Generali and the French and the French bank BPCE have signed a non-binding Memorandum of Understanding (MoU) to create a joint venture 50% with the subsidiaries of both groupsGenerali Investments Holding (GIH) and Natixis Investment Managers (Natixis IM). The company, which is subject to relevant regulatory approvals, would begin operations in early 2026.
The union of both companies in asset management would create the second largest manager at European level. The company will manage 1.9 trillion euros in assets and will have income of 4.1 billionmarking what would be the first on the entire continent. Globally, it would be ninth in assets under management (AUM), but first in insurance AUM worldwide.
BPCE, through Natixis IM, and GIH will each own 50% of the combined business with balanced governance and control rights and based on a long-term asset management commitment by both firms supported by 15% contracts. years.
The entity that emerged from the agreement would have a global presence, highlighting its weight in Europe (61% of AUM)including a strong presence in France and Italy, as well as North America (34% of AUM), plus Asia and other countries (5% of AUM).
The governance structure would place BPCE CEO Nicolas Namias as chairman of the board of directors, and his counterpart at Generali, Philippe Donnet, as vice-chairman. For his part, Woody Bradford, the current CEO of GIH, would act as CEO of the entity, and Philippe Setbon, the current chief executive of Natixis IM, as deputy general director.
Likewise, BPCE will benefit from preferential dividend rights during 2026 and 2027, while Generali would benefit, during the same period, from the repayment tranches of a loan related to the financing of the recently announced acquisition of MGG.
“The creation of a joint venture with BPCE would represent a unique opportunity to establish a European leader and one of the top 10 global asset managers,” said Philippe Donnet, CEO of the Assicurazioni Generali Group.
“Today we are delighted to take a new step towards creating the largest asset manager in Europe and an important global player, together with Generali, a financial institution that shares our values,” added Nicolas Namias, CEO of BPCE.
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