Generali is considering an asset management partnership with Natixis Investment Managers, sources with knowledge of the matter said.
The Italian insurer has held preliminary talks about combining its asset management operations with Natixis, said the sources, who asked not to be identified because the information is private.
A Bloomberg News first reported in December that Natixis’ owner, French financial group BPCE, was exploring strategic options for the asset management business. Generali oversaw about €843 billion (R$5.135 trillion) in assets at the end of September, while Natixis had US$1.3 trillion (R$7.562) under management at the end of June, according to company records .
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Generali shares rose up to 1.3% in trading in Milan this Monday (25), reaching their highest intraday level since May 2008.
Natixis Investment Managers has a boutique model made up of a collection of independent firms, including names like Harris Associates, known for its holdings in large-cap stocks, and private equity firm Naxicap.
Discussions are ongoing and there is no certainty they will lead to a deal, the sources said. Natixis may also choose to enter into an agreement with a different partner. THE Financial Times reported on the talks with Generali earlier on Monday, citing unnamed sources. Representatives for Generali and BPCE declined to comment when contacted by Bloomberg.
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Earlier this year, Generali completed the acquisition of asset manager Conning, which oversees more than US$117 billion (R$680 billion) of investment centers in Asia, Europe and North America. The Italian insurer is also considering a deal to buy New York-based credit investment firm MGG Investment Group as it seeks to expand its business in private assets, the company said. Bloomberg News earlier this month.
Generali aims to grow further in asset management to build a global platform and accelerate diversification, CEO Philippe Donnet said at a press conference in August. The company has ruled out any significant acquisitions this year as the insurer is working on its new strategic plan, he said.
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