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AXA has finalized the sale of its asset management subsidiary AXA Investment Managers (AXA IM) to BNP Paribas for 5.1 billion EUR (6 billion USD).
The French AXA Group also sold Select, its investment solutions company, to AXA IM for 300 million EUR (352.3 million USD), bringing the total transaction to 5.4 billion EUR (6.3 billion USD).
As part of the deal, the insurer and the bank have entered into a long-term partnership. Through this agreement, BNP Paribas will offer asset management services to AXA, which will retain full control over product design, asset allocation and asset/liability management decisions.
The acquisition of AXA IM positions BNP Paribas as a leading asset manager in Europe, with 1 500 billion EUR (1 761 billion USD) in assets under management.
