Major Asset Management Shake-Up: BNP Paribas Acquires AXA IM
In a significant move, BNP Paribas Cardif, a subsidiary of the French banking giant BNP Paribas, has entered into a share purchase agreement to acquire AXA Investment Managers (AXA IM), the asset management unit of AXA, in a deal valued at €5.1 billion ($6.40 billion). This strategic acquisition follows consultations with employee representatives from both AXA and BNP Paribas groups.
AXA IM’s Impressive Asset Base
AXA IM boasts an impressive asset base of approximately €850 billion ($930 billion) under management, making it a significant player in the global asset management landscape.
Deal Timeline and Conditions
The acquisition is expected to close by the end of the second quarter of 2025, subject to standard closing conditions, including regulatory approvals.
Creating a Leading European Asset Manager
The merger of AXA IM with BNP Paribas is poised to create a leading asset manager in Europe, with combined assets under management of €1.5 trillion. This partnership will enable the creation of a global asset manager with a wider product offering and a shared commitment to responsible investing.
AXA’s Streamlining Efforts
The sale of AXA IM is part of AXA’s efforts to streamline its operations and focus on its core insurance business. The proceeds from the sale will be used to fund growth initiatives and share buybacks, according to Bloomberg.
A Win-Win Partnership
AXA CEO Thomas Buberl emphasized the benefits of the partnership, stating that it would provide AXA and its customers with continued access to a wide range of best-in-class investment solutions, further strengthening the company’s strategic ambitions in Life & Savings.
BNP Paribas’ Expansion Plans
This acquisition marks BNP Paribas’ latest expansion move, following its agreement to acquire HSBC Continental Europe’s private banking division in September. The French banking group has been actively pursuing growth opportunities to bolster its position in the global financial landscape.
Leave a Reply