BNP Paribas plans to acquire AXA Investment Managers for $5.50b

By Gloria Methri

The BNP Paribas Group has entered exclusive negotiations with AXA to acquire 100% of AXA Investment Managers (AXA IM), representing close to €850 billion assets under management, and an agreement for a long-term partnership to manage a large part of AXA’s assets.

BNP Paribas Cardif, the bank’s insurance business, will be able to rely on AXA’s platform to manage up to €160 billion of its savings and insurance assets.

With the combined contribution of BNP Paribas’ asset management platforms, the newly formed business, whose total assets under management would amount to €1,500 billion, could become a leading European player in the sector.

Specifically, it would become the leading European player in the management of long-term savings assets for insurers and pension funds, with €850 billion of assets, leveraging powerful platforms of public and private assets. The acquisition would also allow the combined businesses to benefit from AXA IM Alternatives’ 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 establishment of the partnership is €5.1 billion at closing, which is expected to be in mid-2025.

“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 with AXA 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,” said Jean-Laurent Bonnafé, Director and CEO of BNP Paribas.

Buberl, CEO of AXA, added, “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.”

“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,” said Renaud Dumora, Deputy Chief Operating Officer, Investment & Protection Services, BNP Paribas.