Assicurazioni Generali S.p.A. and French banking and insurance group BPCE have agreed to form a 50-50 joint venture, creating a global asset management operation with €1.9 tn in assets under management.
The combined business would rank ninth worldwide by AUM and lead the European market, generating €4.1 bn in revenue, according to Generali.
The platform would hold strong positions in both Europe and North America, ranking first in revenue and second in AUM across Europe, and first globally in insurance AUM.
The joint venture would combine Generali Investments Holding and Natixis Investment Managers. Generali and BPCE, through Natixis IM, would each own 50%, with balanced governance and control.
This partnership with BPCE presents a rare chance to establish a European leader and a top 10 global asset manager.
With strong foundations in Italy, France, and the U.S., we can better serve evolving customer needs. Italy and all other markets we operate in will benefit from a stronger asset management platform with enhanced investment capabilities that drive economic growth.
Philippe Donnet, Generali Group CEO
The formation of the JV is subject to consultation with employee representatives from both groups before definitive agreements are signed. Regulatory approvals are expected by early 2026.
Both firms would co-control the entity, with a joint governance structure ensuring equal representation. Generali plans to commit €15 bn in seed and acceleration capital over five years to support the affiliated companies within the platform. BPCE and Generali have also agreed to long-term asset management commitments through 15-year contracts.
Assets and operations valued at approximately €9.5 bn would contribute to the JV. The business would hold 61% of its AUM in Europe, particularly in France and Italy, 34% in North America, and 5% across Asia and other regions.
The expanded platform would scale its third-party asset management business in Europe, North America, and high-growth regions in Asia, leveraging a global distribution network that combines a centralized platform with local partnerships.
Generali noted that Cathay Life, a subsidiary of Cathay Financial Holdings, would remain a key strategic partner.
Insurers and pension funds would account for 61% of the total AUM, with the remaining portion split among institutional and retail/wholesale clients.
BPCE would receive preferred dividend rights in 2026 and 2027, while Generali would benefit from loan repayments linked to the financing of its recent MGG acquisition over the same period.
