BPCE and Generali to Create the Largest Asset Manager in Europe by revenues and a Major Player Worldwide

Assicurazioni Generali S.p.A. (“Generali”) and BPCE announced that they have signed a non-binding Memorandum of Understanding (“MoU”) to create a joint venture between their respective asset management operations Generali Investments Holding (“GIH”)1 and Natixis Investment Managers (“Natixis IM”). BPCE (through Natixis IM) and GIH would each own 50% of the combined business with balanced governance and control rights.

Overview of the proposed joint venture

• Creation of a major global champion, with €1.9 trillion2 in assets under management, ranking #9 worldwide by AUM, and the leader in asset management in Europe with €4.1bn in revenues3.

• Critical scale in the fast-evolving asset management market, leveraging a complementary geographical presence in France, Italy, and the United States, along with diversified expertise and a broad range of high-quality investment affiliates and teams.

• #1 in insurance asset management by AUM4 worldwide with clear pathway to further grow the platform as a global leader well-positioned to further expand in the growing third-party insurance asset management segment. BPCE and Generali would retain full authority over asset allocation decisions for their respective assets.

• Enhanced offering in private assets to meet the growing expectations of clients in these asset classes. To achieve this strategic goal, the newco would notably capitalize on the seed commitment and permanent capital provided by Generali.

• Global distribution capabilities to serve all types of client needs with innovative, diversified investment strategies and solutions.

• Potential to unlock value through a powerful combination achieved with the scope of assets brought by BPCE and Generali, a €15 billion seed money commitment from Generali, as well as via synergies and growth opportunities.

• A 50-50 co-controlled business, building upon a long-term asset management commitment by BPCE and Generali underpinned by 15-year contracts. BPCE to benefit from preferred dividend rights over 2026 and 2027, while Generali would benefit, over the same period, from the repayment tranches of a loan related to the financing of the recently announced MGG acquisition5.

• Balanced governance structure reflecting the co-control with BPCE’s CEO, Nicolas Namias, as Chairman of the Board, and Generali’s CEO, Philippe Donnet, as Vice Chairman. Woody Bradford, the current CEO of GIH, would serve as CEO of the entity, and Philippe Setbon, the current CEO of Natixis IM, as Deputy CEO.

• Unique opportunity to deliver tangible benefits for all stakeholders, including investors, retail and institutional clients, affiliates as well as employees with a clear focus on growth, innovation, sustainability and performance.

• The parties’ respective employee representative bodies will be consulted before any definitive transaction documents are signed. The closing of the potential combination would be subject to customary regulatory approvals and expected by early 2026.

Philippe Donnet, Group CEO of Assicurazioni Generali, said:

“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. 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 US 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.

Partnering with BPCE, which shares a similar culture and operational approach, ensures ideal conditions for a smooth and successful integration path for the combined business. The joint venture marks a key milestone since the launch of Generali’s asset management business seven years ago and is testament to the significant achievements over the most recent strategic cycles. I am immensely proud of our employees’ and affiliates’ hard work over this period.”

Nicolas Namias, CEO of BPCE, said:

“Over the past 20 years, BPCE has built an exceptional asset management franchise through a multi-affiliate model that creates value for all our stakeholders, namely our clients and shareholders, Banque Populaire and Caisse d’Epargne. We are proud to have gathered a distinctive array of talent, with a unique balance of business between Europe and the United States.

Today we are thrilled to take a new step toward creating the largest asset manager in Europe and a major global player, alongside Generali, a financial institution that shares our values. Together with Philippe Donnet, Woody Bradford, Philippe Setbon and the teams at Generali Investments and Natixis IM, we would leverage our strengths in France, Italy, and the United States to innovate for our clients and transform the asset management sector.

With our Vision 2030 plan launched last June, we expressed our ambition to expand in France, Europe, and beyond. It’s very exciting to kick off a project that aligns perfectly with these goals.

Building on our recent announcement of the creation of the European leader in equipment leasing and one of the largest European payment processors, this new ambition in asset management illustrates that the dynamic of transformation and acceleration at BPCE is fully underway.”