BPCE and Generali create Europe’s largest asset manager

Major European investment managers, BPCE and Generali have initiated the groundwork to establish a joint venture which would create Europe’s largest asset manager.

The two companies announced that the joint venture would bring together Generali Investment Managers and Natixis Investment Managers which would each own 50% of the combined business with balanced governance and control rights.

Outlining the joint venture, the announcement said that it would have €1.9 trillion in assets under management, ranking #9 worldwide by AUM, and the leader in asset management in Europe with €4.1bn in revenues.

Assicurazioni Generali group chief executive, Philippe Donnet said the creation of the 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.

BPCE chief executive, Nicolas Namias said the company was thrilled to take anew step toward creating the largest asset manager in Europe and a major global player.

The announcement said the combined business would be co-controlled by the two financial institutions, with each holding a 50% interest, and would operate under a joint governance structure with balanced representation and control.

The entity holding the combined activities would be established in Amsterdam, the Netherlands, while France, Italy and the United States would remain operational hubs of the combined business in charge of the day-to-day operations.