BNP Paribas Buys Axa Investment Managers, More Than Doubling Assets as Amundi Talks Collapse
Updated
Updated · Bloomberg · Jun 21
BNP Paribas Buys Axa Investment Managers, More Than Doubling Assets as Amundi Talks Collapse
1 articles · Updated · Bloomberg · Jun 21
Summary
BNP Paribas has agreed to acquire Axa Investment Managers, a deal that will more than double the bank’s assets under management and sharply expand its presence in European fund management.
Amundi had examined Axa’s fund unit for about a year, but CEO Valerie Baudson concluded the economics did not work, leaving negotiations stalled and opening the door to BNP.
That move creates a powerful new rival in Amundi’s home market, increasing pressure on Europe’s largest asset manager to find a deal of its own.
The outcome reshapes the competitive map of French asset management, with BNP using a failed rival bid to build scale quickly.