France’s Natixis Investment Managers is holding early-stage talks with Italian insurer Generali about a potential tie-up, the Financial Times reported on Monday.
The firms have not yet agreed to terms of a deal, and it remains uncertain whether the talks will lead to an agreement, the FT reported, citing sources.
A spokesperson for BPCE, the parent company of Natixis, declined to comment on market rumors. Generali declined to comment on the report.
Natixis currently manages $1.3 trillion in assets, according to its website. A partnership with Generali, which reported 821 billion euros ($863.86 billion) in managed assets for the first half of the year, could create one of the largest fund managers in Europe.
Reuters reported in January, citing sources, that French lender BPCE has been working with Fenchurch Advisory and Rothschild & Co to informally gauge interest in its money management arm Natixis Investment Managers.
BPCE has also approached rivals including AXA, Deutsche Bank-backed DWS and Generali over merging their asset management operations, Reuters has previously reported.
In September, Natixis sold its pan-European private credit specialist MV Credit to California-based investor Clearlake Capital.
($1 = 0.9504 euros)
(Reporting by Gursimran Kaur in Bengaluru and Mathieu Rosemain; editing by Arun Koyyur, Tasim Zahid and Anil D’Silva)
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