BNP Paribas will acquire AXA Investment Managers (AXA IM) after signing an official share purchase agreement.
The two parties entered exclusive negotiations in August over the €5.1bn deal, with the new business to manage approximately €1.5trn in assets upon closing – currently expected for the summer of 2025.
As part of the arrangement, BNP Paribas will also acquire the French insurer’s Select business for a further €300m and enter a ‘long-term strategic partnership’ with AXA to provide investment management services.
Renaud Dumora, Chairman of BNP Paribas Cardif, commented: “This signing marks an important step in the acquisition process of AXA IM and the long-term partnership with AXA.
“In anticipation of the closing process, all teams are now working to welcome AXA IM employees and clients within the BNP Paribas Cardif Group."
The tie-up is the latest example of consolidation within Europe’s asset management industry, as providers turn to takeovers to increase scale.
In 2022, Amundi completed the acquisition of Lyxor to form Europe’s largest investment manager with €2.2trn in assets under management (AUM), as of the firm’s Q3 results.
This acquisition is not the first deal between BNP Paribas Asset Management (BNPP AM) and AXA IM. The pair co-founded EasyETF in 2005 before BNPP AM bought out AXA in 2009.
AXA IM re-entered Europe’s ETF market in 2022 with a double active launch in what has proved to be a focus area for the firm.
Thomas Buberl, CEO of AXA, said: “In the context of a rapidly consolidating and highly competitive asset management industry, the group has considered different options to support the future development of AXA IM and to best align with the strategic goals of AXA to further simplify its business profile and grow its insurance businesses.
“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.”
