After BPM-Anima takeover bid, Amundi moves on Allianz Global Investors.

(Alliance News) - The domino of European asset management continues to compose itself, as reported by Corriere della Sera on Friday.

After Banco BPM Spa's takeover bid on Anima Holding Spa, now it could be Amundi's turn. According to several sources, the French Crédit Agricole giant is reportedly negotiating the acquisition of Allianz Global Investors, a company of the German insurance group with EUR555 billion in assets under management and an estimated valuation of around EUR4 billion.

Amundi, Allianz GI and Allianz did not comment on the rumors. Negotiations reportedly began back in the summer after BNP Paribas acquired Axa Investment Managers for EUR5.1 billion, creating a platform with EUR1.5 trillion in assets under management. Negotiations reportedly picked up momentum in October after BPM's deal on Anima took away a potential acquisition from Amundi.

The French group is looking for new growth opportunities after buying Pioneer in 2016 from UniCredit for EUR3.5 billion. On the other hand, Allianz, while wanting to retain control over Pimco-which has EUR2 trillion in assets-would be looking for a partner for Allianz GI to support its development while maintaining a minority stake.

Governance remains a crucial issue in these transactions. Potential buyers of Allianz GI have included DWS, which could create a EUR1.5 trillion German "national champion" of assets. Alternatively, a merger between Amundi and Allianz GI would create a EUR2.7 trillion-plus Franco-German giant, a leader in Europe.

The asset management industry is undergoing a wave of consolidation, driven by the need to increase size to compensate for reduced fees and margins due to competition from passive funds.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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