BPCE and Generali would retain full authority over asset allocation decisions for their respective assets, the release said.
The combined firm will also “notably capitalize” on Generali’s permanent capital and seed commitment to enhance its offering in private assets. Generali has made a €15 billion seed money commitment, the release added.
The client base of the combined firm will be about 61% pension funds and insurers, with the remaining AUM represented by other institutional clients (about 14%) and retail/wholesale business (about 25%).
Any deal would be underpinned by 15-year contracts from each parent company. Nicolas Namias, CEO of BPCE, will be chair of the board, while Generali CEO Philippe Donnet was named as vice chair. Woody Bradford, Generali Investments CEO, was named as CEO of the combined entity, and Philippe Setbon, CEO of Natixis IM, will be deputy CEO.
Any deal is expected to close by early 2026, subject to regulatory approvals, and respective employee representative bodies will consulted before any definitive transaction documents are signed.
“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,” Donnet said in the release. “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 U.S. 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.”
Natixis IM and its affiliate money managers had a total $1.4 trillion in assets under management as of Sept. 30. Generali Investments had €632 billion in assets under management as of Sept. 30.
Last week, Generali said it would acquire a 77% majority stake in U.S. private credit firm MGG Investment Group in a $320 million deal. Generali subsidiary Conning & Co. will take majority control of the $6 billion firm, which specializes in senior secured loans and structured capital solutions for U.S. middle-market businesses.