(Alliance News) - The collaboration project between Generali Spa and France's Natixis to create a European platform in asset management, destined to become the second largest in Europe after Amundi, with more than 1.8 trillion euros in assets under management, is proceeding rapidly.

As Corriere della Sera writes Tuesday, the goal of the management team, split between Trieste and Paris, is to sign a preliminary agreement before the presentation of Generali's new business plan, scheduled for Jan. 30.

The intention is to announce an outline agreement within the previous week, subject to the green light from the board of directors, and then finalize the details in the following months. This deal, intended to be one of the pillars of the group's new strategic plan, is a key step in strengthening asset management, a central priority for CEO Philippe Donnet, who is a candidate albeit informally to lead Generali again in the next three years.

An initiative of this magnitude will require a complex authorization process, which will include the green light from Ivass, the Bank of Italy, and Antitrust, as well as notification to the Prime Minister's Office, which will forward it to the MEF for evaluation under golden power regulations.

Natixis will also have to follow a similar path in France with its regulatory authorities.

The plan calls for Generali to contribute about EUR650 billion in assets to the new company, a portion of the total portfolio worth EUR843 billion as of the third quarter of 2024, excluding assets related to Banca Generali Spa.

Natixis would bring in assets worth about EUR1.2 trillion, about twice as much as Generali, an asymmetry justified by the differing profitability of the two companies and Generali's ability to attract new clients, strengthened by the acquisition of American Conning.

The transaction is under close scrutiny by the Italian government, given the importance of the national savings involved. However, the governance of the new entity would maintain a strong Italian footprint: Woody Bradford, CEO of Generali Investment Holding, would assume the operational leadership role while the board of directors would be composed equally of Italians and French, each with 50 percent of the shares.

As for investment strategy, the two partners will retain decision-making autonomy over the contributed assets. Generali, for example, holds a diversified portfolio that includes nearly EUR36 billion in BTPs, EUR21 billion in French government bonds and EUR20.8 billion in Spanish Bonos.

Natixis, for its part, presents itself as a banking player without insurance backing, with cash from regional institutions and management for institutional and retail clients. The company has long sought a partner to meet the challenges of an increasingly concentrated European market, where synergies are essential to reduce costs, expand revenues, and strengthen commissions.

By joining forces, Generali and Natixis aim to create a reality capable of competing with North American giants, with clear rules and a shared vision.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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