MILAN (Reuters) - Italy's top insurer Generali aims to reach a preliminary accord with Natixis Investment Managers to combine their asset management operations in order to submit the deal to its board
Generali Seeks Initial Asset Management Deal with Natixis by January 20
MILAN (Reuters) - Italy's top insurer Generali aims to reach a preliminary accord with Natixis Investment Managers to combine their asset management operations so as to submit the deal to its board on Jan. 20, two people close to the matter said.
Generali and Natixis have been in discussions over a tie-up that would create a major European fund manager, at a time when the industry is under pressure to scale up to protect profit margins and sustain rising technology investments.
Natixis, which is owned by French bank BPCE, managed 1.28 trillion euros ($1.32 trillion) in assets as of Sept. 30, against Generali's 843 billion euros.
Generali would contribute only 650 billion euros to the combined entity, one of the sources said, while retaining the assets of its private bank Banca Generali.
Securing approval of a preliminary accord from the board at the meeting scheduled on Monday would allow Generali to present the combination to investors at the strategy day it will hold in Venice on Jan. 30.
News of efforts to get to an initial deal by Jan. 20 was first reported on Wednesday by Italian daily la Repubblica.($1 = 0.9705 euros)
(This story has been corrected to say 650 billion euros, not 650 million euros, in paragraph 4)
(Reporting by Gianluca Semeraro; Editing by Valentina Za)
