BNP Paribas has finalised its acquisition of AXA Investment Managers (AXA IM) and clarified its leadership structure going forward.
The firm has not been able to employ the ‘Danish Compromise’, under which banks do not have to deduct the value of insurance subsidies from their capital. In May, the ECB stated that this would not be applicable to asset management undertakings.
READ MORE: BNP’s Axa IM acquisition to close in July despite ECB shutting capital loophole
BNP Paribas has estimated that its common equity tier 1 (CET 1) ratio will fall by approximately 35 basis points as of Q3 2025 following the acquisition, adding that “discussions with supervisory authorities are still ongoing.”
Sandro Pierri, CEO of BNP Paribas AM, is now also CEO of AXA IM. Marco Morelli, formerly executive chairman of AXA IM, is now a chairman of both companies.
The pair report to Renaud Dumora, deputy chief operating officer, head of investment and protection services, and chairman of BNP Paribas Cardif.
On the announcement, Dumora said, “Morelli and Pierri will spearhead the integration process of BNP Paribas’ asset management activities to form, with all teams, a European industrial platform, leader in traditional and alternative asset management and leader in insurance management. I have every confidence in their ability to make this industrial project a success.”
BNP Paribas now holds more than €1.5 trillion in assets under management across Europe.
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