BNP Paribas Completes Acquisition of AXA Investment Managers to Create $1.7 Trillion Asset Manager (AXA IM, BNP Paribas Asset Management & BNP Paribas REIM), Entered Exclusive Negotiations to Buy AXA Investment Managers with $919 Billion AUM at $5.5 Billion Valuation Including Agreement for Long-Term Partnership to Manage Substantial Assets of AXA
2nd July | Hong Kong
BNP Paribas has completed the acquisition of AXA Investment Managers to create a $1.7 trillion asset manager (AXA IM, BNP Paribas Asset Management & BNP Paribas REIM), including agreement for a long-term partnership to manage substantial assets of AXA. In 2024 August, BNP Paribas entered into exclusive negotiations to buy 100% of AXA Investment Managers with $919 billion AUM (EUR 850 billion) at $5.5 billion (EUR 5.1 billion) valuation, including agreement for a long-term partnership to manage substantial assets of AXA. The combined BNP Paribas & AXA asset management business will have a total $1.6 trillion AUM. Announcement (1/7/25): “BNP Paribas Cardif has finalised the acquisition of AXA Investment Managers (AXA IM) and signed a long-term partnership with the AXA Group to manage a large part of its assets. This operation, announced on 1st August 2024, will enable the BNP Paribas Group to create a leading European asset management platform with over EUR 1.5 trillion in assets under management entrusted by its clients. It allows the Group to become the European leader in long-term savings management for insurers and pension funds with around EUR 850 billion, with the ambition to become the European leader in fund collection for private asset investments and positioning itself among the main providers of ETFs in Europe. This operation is also part of the Group’s core mission to support the economy by mobilising savings to finance future-oriented projects in the best interests of its clients. By combining the expertise of AXA IM, BNP Paribas Asset Management, and BNP Paribas REIM, this new platform will have a wide range of traditional and alternative assets, an expanded global distribution network, enhanced innovation capabilities, and a more comprehensive offering in responsible investment. It will benefit from AXA IM Alts’ market position and expertise in private assets, which are key drivers of future growth for institutional and individual clients, as well as AXA IM’s know-how in long-term asset management for insurance and retirement. In this context, BNP Paribas Cardif will leverage the capabilities of this platform for the management of a large part of its assets, notably its general funds. The formation of this new platform marks a major milestone in the development and growth journey of the IPS division. It will fully benefit from BNP Paribas’ integrated model, in close collaboration with the CPBS and CIB businesses, particularly within the framework of the “originate to distribute” approach.The project to merge the legal entities of AXA IM, BNP Paribas AM and BNP Paribas REIM, which would create the new platform held by BNP Paribas Cardif, is currently the subject of consultation with employee representative bodies. Sandro Pierri, CEO of BNP Paribas AM, will lead the BNP Paribas Group’s asset management activities and Marco Morelli, the current Executive Chairman of AXA IM, will chair the BNP Paribas Group’s asset management activities.”
“ BNP Paribas Completes Acquisition of AXA Investment Managers to Create $1.7 Trillion Asset Manager (AXA IM, BNP Paribas Asset Management & BNP Paribas REIM), Entered Exclusive Negotiations to Buy AXA Investment Managers with $919 Billion AUM at $5.5 Billion Valuation Including Agreement for Long-Term Partnership to Manage Substantial Assets of AXA “
Jean-Laurent Bonnafé, Director and Chief Executive Officer of BNP Paribas: ”This acquisition is an important moment for the entire BNP Paribas Group. We are delighted to welcome the AXA IM teams, who will find within the BNP Paribas Group a strong culture of customer service as well as ambitious growth and innovation prospects. These are teams with recognised and complementary expertise that will build together a European industrial project to better serve our clients. I have every confidence in the ability of the management teams of our asset management activities to grow the business and create value for our clients and employees.”
BNP Paribas – Leader in banking and financial services in Europe, BNP Paribas operates in 64 countries and has nearly 178,000 employees, including more than 144,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Türkiye, and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability. Joint working groups with AXA IM teams are already in place to reflect on and develop a common roadmap, particularly with regard to offerings and services. This roadmap will be submitted to the appropriate employee representative bodies.
BNP Paribas Enters Exclusive Negotiations to Buy 100% of AXA Investment Managers with $919 Billion AUM at $5.5 Billion Valuation Including Agreement for Long-Term Partnership to Manage Substantial Assets of AXA, Combined BNP Paribas & AXA Asset Management Business Will Have $1.6 Trillion AUM
2nd August 2024 – BNP Paribas has entered into exclusive negotiations to buy 100% of AXA Investment Managers with $919 billion AUM (EUR 850 billion) at $5.5 billion (EUR 5.1 billion) valuation, including agreement for a long-term partnership to manage substantial assets of AXA. The combined BNP Paribas & AXA asset management business will have a total $1.6 trillion AUM. BNP Paribas (1/8/24): “The BNP Paribas Group announces today that it has entered into exclusive negotiations with AXA to acquire 100% of AXA Investment Managers (AXA IM), representing close to €850bn assets under management, together with an agreement for a long-term partnership to manage a large part of AXA’s assets. BNP Paribas Cardif, the insurance business of BNP Paribas, after having directly proceeded to the proposed transaction as principal, would have the opportunity to rely on this platform for the management of up to €160bn of its savings and insurance assets. With the combined contribution of BNP Paribas’ asset management platforms, the newly formed business, which total assets under management would amount to €1,500bn, would become a leading European player in the sector. Specifically, it would become the European leading player in the management of long-term savings assets for insurers as well as pension funds, with €850bn of assets, leveraging powerful platforms of public and private assets. The acquisition would also allow the combined businesses to benefit from AXA IM Alternatives’ leading market position and track record in private assets which will drive further growth with both institutional and retail investors. The agreed price for the acquisition and the set-up of the partnership is of €5.1bn at closing, expected mid-2025. With a CET1 impact of circa 25 bp for BNP Paribas, the expected return on invested capital of the transaction would be above 18% as soon as the 3rd year, following the end of the integration process. The signing of the proposed transaction, expected by the end of the year, is subject to the information process and consultation of the employees’ representative bodies. The closing of the transaction is expected by mid-2025 once regulatory approvals have been obtained.”
Jean-Laurent Bonnafé, Director & CEO, BNP Paribas: “This project would position BNP Paribas as a leading European player in long-term asset management. Benefiting from a critical size in public and alternative assets, BNP Paribas would serve its customer base of insurers, pension funds, banking networks and distributors more efficiently. The strategic partnership entered into with AXA, the cornerstone of this project, confirms the ability of both our groups to join forces. This major project, which would drive our growth over the long-term, would represent a powerful engine of growth for our Group.”
Thomas Buberl, CEO of AXA: “AXA Investment Managers has been a homegrown success story for the AXA Group. Over the past 25 years, we have built an exceptional franchise anchored in investment expertise, a relentless client focus and a proven track record on sustainability. Thanks to the quality of its teams, AXA IM is today a leading player, notably in Alternatives in Europe. By joining forces with BNP Paribas, AXA IM would become a global asset manager with a wider product offering and a mutual objective to further their leading position in responsible investing. I would like to thank all AXA IM employees for their unwavering commitment, and their continued focus on delivering value for our clients.”
Renaud Dumora, Deputy COO, Investment & Protection Services, BNP Paribas: “The creation, within the Investment & Protection Services (IPS) division of the BNP Paribas Group, of a European leader in the management of long-term insurance and savings assets, would enable the IPS division to exceed EUR 2 trillion of assets entrusted by its clients. This operation would allow BNP Paribas Cardif to benefit from premium access to the services of an asset management expert on the asset classes required for insurance management. The combined expertise of the BNP Paribas Asset Management and AXA IM teams in public and private assets, as well as their leadership in sustainability, would be valuable assets to better meet future needs of clients.”
AXA: “The intention to exit the Asset Management business further emphasizes the Group’s strategy to simplify its business model and to focus on its core insurance activities. In particular, AXA’s Life & Savings business is well-positioned to grow, driven by the Group’s strong distribution and product design capabilities, and our customers will benefit from a broader array of asset classes, including continued access to a best-in-class Alternatives asset management platform. AXA retains full authority over product design, asset allocation and asset-liability management decisions.”
BNP Paribas Enters Exclusive Negotiations to Buy 100% of AXA Investment Managers with $919 Billion AUM at $5.5 Billion Valuation Including Agreement for Long-Term Partnership to Manage Substantial Assets of AXA, Combined BNP Paribas & AXA Asset Management Business Will Have $1.6 Trillion AUM
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