Finance
Generali, BPCE to Form Europe’s Second-Largest Asset Manager
- Firms reach preliminary accord to combine investment units
- Jointly-owned venture to oversee $2 trillion worldwide
The Generali headquarters in Milan.
Photographer: Francesca Volpi/BloombergThis article is for subscribers only.
Assicurazioni Generali SpA and BPCE have reached a preliminary deal to combine their investment units and create Europe’s second-largest asset manager amid a deal wave in the industry.
The two firms signed a non-binding memorandum of understanding for a joint venture between Generali Investments Holding and Natixis Investment Managers, they said in a statement Tuesday. BPCE and Generali are set to own 50% each in the entity, which would have about €1.9 trillion ($2 trillion) under management.