Generali and BPCE have announced a joint venture between their asset management operations — Generali Investments Holding and Natixis Investment Managers, with each owning 50 percent of the combined business.
The joint venture will become one of the largest asset managers in Europe, pending regulatory approval and consultation from employee representative bodies. Although the move will allow the pair to further expand into their respective markets, Italy, France and the U.S., and expand private market offerings, each firm will retain allocation decision-making for their assets.
A spokesperson for Natixis told Institutional Investor that the project marks a significant step towards achieving its VISION 2030 ambitions to grow and compete in Europe and across the world.
“Building on its recent announcement of the creation of the European leader in equipment leasing and one of the largest payment processors, this new ambition in asset management illustrates more broadly that the dynamic of transformation and acceleration at BPCE is fully underway,” the spokeperson said. “Both BPCE and Generali have strongly affirmed their commitment in recent years to make asset management a powerful lever for development and growth. The agreed decision to gather our asset management in a 50-50 joint venture reflects the strategic importance that both of us attach to this business and our strong commitment to continue investing.”
Like other JVs announced in 2024, the move allows the two firms to expand their private market offerings. The combined business would offer a complementary range of investment capabilities across both traditional and alternative asset classes, as client needs shift.
“It’s a unique opportunity to deliver tangible benefits for all stakeholders, including investors, retail and institutional clients, and affiliates as well as employees with a clear focus on growth, innovation, and performance,” said the spokesperson. “Enhanced offerings in private assets allows us 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.”
The JV will be a force to be reckoned with globally. With combined assets of €1.9 trillion, the JV will be No. 9 in the global league tables and make it the second largest in Europe behind only Amundi.
“The creation of an asset management leader with strong European roots backed by BPCE and Generali would present a unique opportunity to build and scale a platform that is well-positioned to compete on a global level, generating significant benefits for stakeholders in all its regions,” added the spokesperson. “Both BPCE and Generali have longstanding track records of investing in the growth and resilience of the economies in which they operate, contributing significantly through profitable investments executed by the asset management affiliates.”
The JV will maintain a range of strategies with liability-driven investments making up around 51 percent of AUM and conviction-driven strategies comprising 34 percent of assets. Private markets holdings will represent around15 percent of AUM.
Insurers and pension funds will represent around 61 percent of total assets.
Generali also announced the signing of a definitive agreement for it’s fully owned subsidiary Conning & Company to acquire a majority stake in MGG Investment Group last week, allowing the Italian firm to add a middle market direct lending option to its private credit capabilities.
