(Alliance News) - In the asset management sector, France continues to lay down the law, with deals consolidating European leadership.

As Corriere recalls Monday, BNP Paribas SA is about to buy AXA's investment manager for EUR5.1 billion while Amundi, a subsidiary of Crédit Agricole SA, is negotiating with Allianz Global Investors, a company with EUR555 billion under management.

Generali Spa, led by Philippe Donnet, on the other hand, is engaged in advanced negotiations with Natixis, the financial arm of the BPCE group, to create a European asset management platform.

The plan calls for the creation of a newco in which Generali would contribute EUR656 billion in assets under management while Natixis would contribute EUR1.2 trillion, creating Europe's second largest in the industry, behind only Amundi.

Despite the difference in assets under management, Generali is aiming for an equal corporate structure, bolstered by its own steady growth in inflows, capable of generating up to EUR12 billion annually.

Negotiations with Natixis, which suffers from competition on profitability and innovation, could provide an opportunity for the French group to relaunch itself. At the same time, Generali aims to consolidate its international position under the leadership of Woody Bradford, current head of Generali Investment Holding.

The plan will be finalized by January 2025, when Donnet will present the group's new strategy to the market. The deal, which aims to strengthen the Franco-Italian axis, could be the first big news of the year, representing a crucial step forward in facing an increasingly competitive market.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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