PARIS: Italy’s largest insurer Generali and France’s Natixis said today that they would merge their asset management businesses to forge one of the sector’s largest players.
With a total of €1.9 trillion (US$2 trillion) in assets, the new company would rank second in Europe just behind Amundi, a subsidiary of French group Credit Agricole, which had €2.2 trillion in the third quarter of last year.
Annual revenue is projected at €4.1 billion, and the parent companies expect the merger to enable annual savings of €200 million.
“We are creating a European asset management champion,” Generali CEO Philippe Donnet said during a conference call.
The two companies will each hold 50% in the new venture, which is expected to be finalised in early 2026.