BNP Paribas Cardif has completed the acquisition of AXA Investment Managers (AXA IM), enabling the creation of a major European asset management platform that oversees over €1.5tn ($1.76tn) in client assets.

This move includes a long-term partnership with the AXA Group, allowing BNP Paribas Cardif to manage a significant portion of AXA’s assets.

In December 2024, BNP Paribas Cardif signed a share purchase agreement to acquire AXA IM in a deal valued at around €5.1bn ($6.40bn).

The acquisition is said to establish BNP Paribas Group as the leading manager of long-term savings for insurers and pension funds in Europe, with approximately €850bn ($1tn) under management.

Additionally, the group aims to excel in private asset fund collection and become one of Europe’s top providers of exchange-traded funds (ETFs).

By integrating the expertise of AXA IM, BNP Paribas Asset Management, and BNP Paribas REIM, the new platform will offer a diverse range of traditional and alternative assets, enhanced global distribution and improved innovation capabilities

It will leverage AXA IM Alts’ leadership in private assets, a critical growth area for both institutional and individual clients.

This acquisition marks an advancement for the BNP Paribas Group’s Investment and Protection Services (IPS) division.

The platform will utilise the group’s integrated model, collaborating closely with its commercial, personal banking and services (CPBS) and corporate and institutional banking (CIB) divisions through the “originate to distribute” strategy.

BNP Paribas director and CEO Jean-Laurent Bonnafe said: “This acquisition is an important moment for the entire BNP Paribas Group. We are delighted to welcome the AXA IM teams, who will find within the BNP Paribas Group a strong culture of customer service as well as ambitious growth and innovation prospects.

“These are teams with recognised and complementary expertise that will build together a European industrial project to better serve our clients.”

Joint working groups with AXA IM are already in place to develop a shared roadmap focusing on offerings and services, which will be presented to employee representative bodies.

A proposed merger of the legal entities of AXA IM, BNP Paribas AM, and BNP Paribas REIM into the new platform under BNP Paribas Cardif is currently under consultation with employee representatives.

Sandro Pierri, CEO of BNP Paribas AM, will lead the group’s asset management activities, while Marco Morelli, executive chairman of AXA IM, will chair these activities for the BNP Paribas Group.