Published by Global Banking & Finance Review®
Posted on February 4, 2025
3 min readLast updated: January 26, 2026
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Generali will maintain control over investment decisions in its partnership with BPCE, addressing Italian concerns about asset allocation.
By Gianluca Semeraro
ROME (Reuters) -Generali will remain in charge of decisions over how to allocate its own clients' savings under the asset management deal with France's BPCE, the insurer said, addressing concerns raised by Italy's government and two leading investors.
In a bid to smooth the deal's approval process, Generali also reassured in a statement on Tuesday that it did not plan to reduce its stake in the venture it is finalising with BPCE.
Generali and BPCE last month struck a non-binding accord to create Europe's largest asset manager by revenue, by combining their Generali Investments Holding (GIH) and Natixis Investment Managers units in a joint venture of which the subsidiaries would each own 50%.
The deal faces regulatory hurdles, especially in Italy, where the government is keen for domestic savings to keep supporting the refinancing of its large public debt.
Sources told Reuters last week that Rome wanted further guarantees that Generali will remain in full control of allocating savings collected in the country.
"The creation of the partnership would have no impact on the continuity of savings management policies entrusted by Italian clients to the Generali group's companies, which remain the owners of the assets and decide on their allocation", it said.
Italy must clear the deal under "golden power" legislation that gives it clout over firms it deems as strategic.
"Generali and its board of directors – just as it is the case today – will continue to define the strategic investment guidelines and asset allocation for the entire group", Generali said.
GIH has Taiwanese insurance Cathay Life as a minority investor with 16.75%, meaning Generali itself will hold less than 50% of the JV it is forming through GIH.
The insurer said the accord envisaged mechanisms to allow and regulate any exit from the venture after a certain period of time.
"It is however not Generali's intention to – nor are there any contractual provisions that could compel it to – reduce its stake or governance rights," it said.
From a tax perspective the deal does not imply any transfer of value outside Italy, the insurer said, adding that "it is indeed plausible that the Italian tax burden would increase".
Two major Generali investors - Francesco Gaetano Caltagirone and Delfin, the holding company of late billionaire Leonardo Del Vecchio - have concerns about the influence the French side could exert in the partnership, sources have previously said.
Directors appointed by the two shareholders voted against the Natixis deal, which is expected to close in early 2026.
(Editing by Valentina Za; Editing by Louise Heavens)
The main topic is Generali's control over investment decisions in its asset management deal with BPCE.
Italy is concerned about maintaining control over domestic savings to support its public debt.
The deal is expected to close in early 2026.
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