Generali and BPCE Unite for Strategic Joint Venture in Asset Management
Generali and BPCE have unveiled plans for a joint venture involving their asset management functions — Generali Investments Holding and Natixis Investment Managers — with both firms holding an equal 50 percent stake in the new entity.
This collaboration is set to create one of Europe’s largest asset management companies, pending necessary regulatory approvals and discussions with employee representative groups. While this strategic move aims to enhance their presence in key markets, including Italy, France, and the United States, both companies will maintain their autonomy over investment decisions related to their respective assets.
A spokesperson for Natixis emphasized to Institutional Investor that this initiative represents a pivotal advancement toward its VISION 2030 objectives, particularly in enhancing competitive standing both in Europe and globally. “By following our recent dealings establishing a leader in equipment leasing and a major player in payment processing, this new goal in asset management underscores the transformative momentum currently driving BPCE,” the spokesperson stated. “Both Generali and BPCE are firmly committed to leveraging asset management as a key engine for development and growth. The decision to merge our asset management operations reflects our shared strategic vision and unwavering dedication to investment in this sector.”
This joint venture aligns with other partnerships developed in 2024, allowing the two companies to broaden their offerings in private markets. The combined entity will deliver a robust suite of investment strategies that encompass both traditional and alternative asset classes, addressing the evolving demands of clients.
“This venture presents a distinctive opportunity to generate meaningful advantages for all stakeholders, including investors, retail and institutional clients, and team members, with a dual focus on growth, innovation, and performance,” the spokesperson added. “By enhancing our private asset offerings, we can meet the increasing expectations of clients in this domain. To facilitate this strategic aim, the new company will notably benefit from the initial commitment and ongoing capital from Generali.”
With combined assets reaching €1.9 trillion, this joint venture is positioned to rank as the ninth largest globally and the second largest in Europe, following Amundi.
“Establishing an asset management leader grounded in strong European heritage, supported by BPCE and Generali, presents a rare chance to build and scale a competitive platform on a global scale, delivering substantial advantages for stakeholders across all regions,” the spokesperson remarked. “Both BPCE and Generali possess extensive histories of investing in the growth and resilience of their operational economies, making significant contributions through profitable investments made by their asset management units.”
The joint venture will manage an array of strategies, with liability-driven investments representing about 51 percent of the assets under management (AUM), conviction-driven strategies making up 34 percent, and private markets holdings accounting for approximately 15 percent of AUM. Notably, insurers and pension funds are forecasted to comprise around 61 percent of the total assets.
In a related announcement, Generali revealed the signing of a definitive agreement for its wholly owned subsidiary, Conning & Company, to acquire a majority stake in MGG Investment Group. This move enhances Generali’s capabilities in the private credit sector by adding a middle market direct lending option.
