(Bloomberg) -- Assicurazioni Generali SpA is considering an asset management tie-up with Natixis Investment Managers, people with knowledge of the matter said.
The Italian insurer has held preliminary talks about combining asset management operations with Natixis, the people said, asking not to be identified because the information is private.
Bloomberg News first reported in December that Natixis’s owner, French financial group BPCE SA, was exploring strategic options for the asset management business. Generali oversaw about €843 billion ($887 billion) of assets at the end of September, while Natixis Investment Managers had $1.3 trillion under management at the end of June, according to company filings.
Shares of Generali rose as much as 1.3% in Milan trading Monday, hitting the highest intraday level since May 2008.
Natixis Investment Managers has a boutique model consisting of a collection of independent firms including names like Harris Associates, known for its large-cap equity holdings, and private equity firm Naxicap.
Deliberations are ongoing and there’s no certainty they will lead to an agreement, the people said. Natixis could also opt to do a deal with a different partner. The Financial Times reported the talks with Generali earlier Monday, citing unidentified people. Representatives for Generali and BPCE declined to comment when reached by Bloomberg.
Earlier this year, Generali completed the acquisition of asset manager Conning Holdings Ltd., which oversees more than $117 billion from investment centers in Asia, Europe and North America. The Italian insurer has also been considering a deal to buy New York-based credit investment firm MGG Investment Group as the Italian insurer looks to expand in the private asset business, Bloomberg News reported earlier this month.
Generali aims to grow further in asset management to build up a global platform and speed up diversification, Chief Executive Officer Philippe Donnet said in a press conference in August. The company ruled out any significant acquisition this year as the insurer is working on its new strategic plan, he said.
--With assistance from Pamela Barbaglia.
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