FINANCIALS: Generali and BPCE's asset management unit Natixis may combine
Generali and BPCE's asset management unit Natixis may combine
A memorandum of understanding has been signed that aims for the two units to from a 50/50 JV for 15 years, creating one of the largest global asset managers in the process.
The companies are keen to emphasise the benefits of scale and synergies, as well as the 50/50 nature of the partnership in the press release.
The resulting €1.9tn asset manager will be 61% European and 34% North American. Asset class split would be 65% fixed income, 21% Equities, 14% other.
From BPCE's comments that they are creating an asset manager but the asset owners will remains the same the spirit of cooperation will very much be in a JV, rather than a full merger, which is politically much simpler, but may make leveraging scale, achieving synergies harder.