French banking group BPCE's Natixis Investment Managers and Italian insurer Generali announced on Tuesday that they are forming a joint venture bringing together their asset management businesses. This collaboration will establish the second-largest fund management entity in Europe, responsible for managing a portfolio valued at €1.9 trillion.
The firms added that under the non-binding memorandum of understanding, each will hold a 50% stake, with the partnership structured over 15 years.
Woody Bradford, currently the chief executive of Generali's investment segment, will take the helm of the newly formed business. Meanwhile, Nicolas Namias, who serves as Natixis chair and CEO of BPCE, will assume the position of chair of this collaborative entity.
