BPCE and Generali forge path to create Europe’s largest asset manager

BPCE and Assicurazioni Generali S.p.A. (“Generali”) have announced a partnership aimed at establishing Europe’s largest asset manager by revenue. This initiative brings together Generali Investments Holding (“GIH”) and Natixis Investment Managers (“Natixis IM”) under a joint venture, creating a formidable global asset management entity. With €1.9 trillion in assets under management (AUM) and annual revenues of €4.1 billion, the venture is set to rank as the ninth-largest asset manager worldwide and the undisputed leader in Europe.

The collaboration is a strategic response to the evolving demands of the asset management sector. By leveraging complementary expertise and geographic strengths, BPCE and Generali aim to create a global powerhouse capable of delivering innovative and tailored solutions to meet the increasingly complex needs of institutional and retail investors.

How does this joint venture create value for clients and stakeholders?

The partnership offers significant benefits for clients and stakeholders by combining the strengths of both asset management divisions. Generali brings its expertise as one of the largest global insurance and asset management providers, while BPCE contributes its position as a leading French banking group.

The combined entity will offer a broad range of investment capabilities, including:

• Enhanced private asset offerings: Leveraging Generali’s €15 billion seed capital commitment, the venture aims to develop innovative solutions in private markets to meet rising client expectations.
• Comprehensive global reach: The venture’s core markets will include Europe, North America, and Asia, ensuring diverse market exposure and the ability to serve clients across regions.
• Balanced asset strategies: With a portfolio spread across fixed income (65%), equities (21%), and private markets (14%), the platform is well-positioned to address shifting investor preferences.

These capabilities align with a shared commitment to sustainability and long-term growth, ensuring that clients benefit from resilient and future-ready investment strategies.

Why is this partnership significant for Europe and the global market?

The BPCE-Generali joint venture solidifies Europe’s standing as a global hub for asset management. By creating the largest asset manager in Europe, the partnership not only reinforces the region’s financial stability but also enhances its competitive position globally.

The collaboration’s European roots, supported by robust operations in Italy and France, are complemented by a strong presence in the United States and growth initiatives in Asia. This diversified geographic footprint ensures that the combined entity remains competitive in established markets while tapping into high-growth regions.

Key highlights of the venture include:

• A market-leading position in insurance asset management by AUM worldwide.
• An expanded third-party asset management business, building on Generali and BPCE’s networks.
• A robust operational structure with key hubs in France, Italy, and the United States.

The joint venture also reflects a shared vision for sustainable growth. Both companies have pledged to align their strategies with global sustainability goals, embedding environmental, social, and governance (ESG) principles into their investment frameworks.

How will this partnership impact BPCE and Generali’s operations?

For BPCE and Generali, the joint venture represents a strategic realignment aimed at achieving long-term financial and operational benefits. Both companies will retain a 50% ownership stake in the entity, ensuring balanced governance and decision-making.

The partnership’s leadership team will include industry veterans, with Nicolas Namias, CEO of BPCE, serving as Chairman, and Philippe Donnet, CEO of Generali, as Vice Chairman. Woody Bradford, CEO of Generali Investments, will take the helm as CEO of the new entity, supported by Philippe Setbon, CEO of Natixis IM, as Deputy CEO.

The business will operate under a co-controlled governance model, with its headquarters in Amsterdam and operational hubs in key regions. This decentralized structure ensures that regional expertise is preserved while providing global oversight.

The venture is expected to be earnings-accretive from its first year, contributing positively to the financial performance of both BPCE and Generali. The transaction is designed to be neutral to BPCE’s Common Equity Tier 1 (CET1) ratio and Generali’s Solvency II ratio, ensuring financial stability for both partners.

What does this mean for investors?

Investors stand to benefit significantly from the enhanced capabilities and scale of the joint venture. With access to a broader range of investment strategies, innovative private market solutions, and a commitment to sustainable practices, the partnership is well-positioned to deliver consistent returns.

Philippe Donnet of Generali emphasized the long-term value of the venture, stating:

“This partnership creates a unique opportunity to establish a European leader in asset management, capable of meeting the evolving needs of clients while contributing to economic growth.”

Nicolas Namias of BPCE added:

“Our collaboration with Generali marks a milestone in BPCE’s growth strategy, aligning perfectly with our Vision 2030 plan to expand our reach and capabilities globally.”

Looking Ahead

The BPCE and Generali joint venture is a pivotal moment for the asset management industry. By uniting two industry leaders, the partnership sets a new benchmark for scale, innovation, and sustainability in asset management. As the venture progresses toward regulatory approvals, expected by early 2026, it holds the promise of reshaping the global financial landscape and delivering unparalleled value to clients and stakeholders.