(2 August 2024 – France) BNP Paribas Group and French insurer AXA are in exclusive negotiations for BNP Paribas to acquire AXA Investment Managers for €5.1 billion (approximately $5.5 billion).
The acquisition, which includes AXA Investment Managers’ €850 billion in assets under management (AUM), would result in BNP Paribas establishing a new asset management division with a total of €1.5 trillion in AUM.
Should the transaction proceed, BNP Paribas will continue to offer investment services to AXA through a long-term partnership. The sale is anticipated to complete by mid-2025, pending regulatory approvals.
BNP Paribas CEO Jean-Laurent Bonnafé noted that the deal would enhance the bank’s scale in both public and alternative assets, allowing it to better serve its clients, including insurers, pension funds, and other financial networks.
If finalised, this acquisition would make the combined entity the second largest standalone asset manager in Europe, behind Amundi, which manages €2.2 trillion in assets.
AXA CEO Thomas Buberl explained that the decision to sell was driven by the need to adapt to a consolidating and competitive asset management sector.
Additionally, BNP Paribas will also acquire AXA’s fund services business, Select, for €300 million in a related transaction under the proposed deal terms.