According to an indiscretion of Financial Times, Generali Spa e Natixis Investment Managers they would have started preliminary discussions for a possible collaboration in the asset management sectorThe agreement could lead to the creation of a European colossus with over 2.000 billion euros of assets under management. This sum would be the result of the merger between the 1.300 billion of Natixis and the 843 billion managed by Generali.
The agreement, if implemented, would strengthen the position of the two companies in an increasingly competitive market, characterized by increasing pressure on margins and the need to expand operational scale to maintain profitability.
Generali-Natixis: What could happen?
Negotiations between Generali and Natixis are still in a preliminary stage and details remain uncertain. Options range from a simple industrial alliance to more structured partnership, up to the possible creation of a new corporate entity.
Philippe Donnet, CEO of Generali, has often stressed the importance of combining life insurance with asset management to maximize profitability: “We are convinced of the power of the combination of life insurance and asset management as all life insurance companies in the world do”.
Tim Ryan, CEO of Natixis, is a former collaborator of Philippe Donnet, and this relationship could facilitate dialogue between the two companies. Natixis Investment Managers is one of the main players in the asset management sector, with a portfolio of over 1.300 billion dollars (1.200 billion euros). The company is part of the Bpce Group, (Groupe des Banques Populaires et des Caisses d'Epargne), the second French banking group, and operates with main offices in Paris and Boston. Generali, on the other hand, through Generali Investments, manages 843 billion euros of assets, a value that grew in the second quarter of 2024. Generali is one of the largest insurance companies in the world, with significant shareholders such as Mediobanca, the Del Vecchio family, Francesco Gaetano Caltagirone and the Benetton family.
Both companies would have a lot to gain: Generali would consolidate its leading role in asset management, while Natixis could benefit from access to Generali's vast distribution network in Europe.
Asset management: a consolidating market
The European asset management sector is going through a period of strong consolidation. Recent examples include theacquisition di Axa IM by Bnp Paribas and negotiations between Amundi and Allianz Global Investors. For Bpce, finding a strategic partner for managed savings is a priority, while maintaining control of its activities. Generali, for its part, is exploring new opportunities to strengthen its position in the European market.
