The combined entity will have equal ownership, with each party holding 50% and sharing governance and control.

Italy’s Generali and the owner of France’s Natixis are set to combine their asset management operations to create a European giant overlooking 1.9 trillion euros ($1.979 trillion) in assets.The Italian insurer and French retail bank Groupe BPCE signed a preliminary deal underpinned by 15-year contracts to form a joint venture they will each own a 50% of.

Under the terms of the tie-up, BPCE and Generali Investments will combine their asset management operations in a 50-50 joint venture, people familiar with the situation said. A non-binding preliminary agreement could be reached as early as next week. It would still need to be approved by the relevant unions and authorities.

Natixis Investment Managers is set to merge with the asset management arm of Italian insurer Generali, creating the largest European asset manager by revenue.

With €1.9tn in AUM, the joint venture would allow the pair to expand globally and speed up a push into private markets.

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 on Jan. 20, two people close to the matter said.

Assicurazioni Generali SpA and Natixis SA are close to a deal for a joint venture in asset management to cut costs and team up on distribution, according to people familiar with the matter.

PRESS RELEASE BPCE and Generali to Create the Largest Asset Manager in Europe by revenues and a Major Player Worldwide Milan & Paris, 2125 – Assicurazioni Generali S.p.A. (“Generali”) and BPCE today announce that they have signed a non-binding Memorandum of Understanding (“MoU”) to create a joint venture between their respective asset management operations Generali Investments Holding (“GIH”)1 and Natixis Investment Managers (“Natixis IM”).

Italy's Generali and France's BPCE said on Tuesday they had taken the first step towards creating Europe's largest asset manager by revenue as the industry bets on size to protect profit margins. The