Landmark Partnership to Revolutionize Global Asset Management
In a groundbreaking move, Italian insurance giant Assicurazioni Generali (Generali) has entered into a non-binding agreement with French banking group BPCE to merge their asset management businesses. This strategic partnership will create a global powerhouse, managing a staggering €1.9 trillion ($1.97 trillion) in assets.
A New Era of Collaboration
The joint venture, formed between Generali Investments Holding (GIH) and BPCE’s Natixis Investment Managers (Natixis IM), will be owned equally by both parties, with each holding 50% and balanced governance and control rights. This partnership will bring together two industry leaders, leveraging their complementary strengths to create a dominant player in the global asset management landscape.
Unparalleled Scale and Reach
The merged entity will boast significant scale in Europe and North America, ranking first in revenues and second in assets under management (AUM) in Europe, ninth globally by AUM, and first worldwide in insurance asset management by AUM. This combined platform will provide diverse strategic solutions for retail, wholesale, and institutional clients globally, leveraging similar multi-affiliate models.
Accelerating Growth and Innovation
Generali plans to allocate €15 billion ($15.5 billion) over five years to seed and accelerate capital within the joint platform’s affiliates, supporting the development of new investment strategies and expanding competencies and product offerings. This significant investment will drive growth, innovation, and competitiveness in the global asset management market.
Leadership and Governance
The combined entity will be headquartered in Amsterdam, the Netherlands, with operational hubs in France, Italy, and the United States. The board of directors will comprise equal representatives from BPCE and Generali, along with three independent directors jointly selected by both parties. Upon formation, BPCE CEO Nicolas Namias will serve as chairman of the board, and Generali CEO Philippe Donnet will assume the role of vice chairman.
Executive Leadership Team
Woody Bradford, CEO of GIH, will become CEO of the global entity, and Philippe Setbon, CEO of Natixis IM, will serve as deputy CEO. This experienced leadership team will drive the joint venture’s strategy and growth, building on the strong roots of both organizations.
A Bright Future Ahead
The merger is subject to regulatory approvals and is expected to close by early 2026. Generali Group CEO Philippe Donnet expressed his enthusiasm for the partnership, stating that it presents a unique opportunity to establish a European leader and a top 10 global asset manager, serving the constantly evolving needs of customers worldwide.
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