BNP Paribas Cardif completes acquisition of AXA Investment Managers
2 JUL, 2025
By Jose Luis Palmer from RankiaPro Europe
BNP Paribas Cardif has completed its acquisition of AXA Investment Managers (AXA IM) and formalised a long-term partnership with the AXA Group to manage a significant portion of its assets. The deal, originally announced on 1 August 2024, strengthens BNP Paribas’ ambition to become a dominant force in European long-term savings management and private asset fund collection.
Creating a leading asset management platform in Europe
With the integration of AXA IM, BNP Paribas will form a new asset management platform exceeding EUR 1.5 trillion in assets under management, positioning the group as the European leader in long-term savings for insurers and pension funds, totalling around EUR 850 billion.
The new platform will combine the capabilities of AXA IM, BNP Paribas Asset Management (BNP Paribas AM), and BNP Paribas REIM, providing clients with access to a diversified range of traditional and alternative investments, a broader global distribution network, enhanced innovation, and a stronger offering in responsible investment. It will also leverage AXA IM Alts' expertise in private assets, which are identified as a major source of future growth.
BNP Paribas Cardif will use this enhanced platform to manage a large part of its assets, particularly its general funds. The initiative supports the Group’s broader objective of using savings to finance projects aligned with clients’ long-term interests.
Leadership, integration and financial outlook
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. I have every confidence in the ability of the management teams of our asset management activities to grow the business and create value for our clients and employees.
Jean-Laurent Bonnafé, Director and Chief Executive Officer, BNP Paribas.
Sandro Pierri, current CEO of BNP Paribas AM, will lead the Group’s asset management operations, while Marco Morelli, Executive Chairman of AXA IM, will take the role of Chairman of the new platform.
Joint teams from AXA IM and BNP Paribas are developing a shared roadmap for products and services. The proposed merger of the legal entities — AXA IM, BNP Paribas AM and BNP Paribas REIM — is subject to consultation with employee representative bodies.
From a financial perspective, the Group expects its revenue to grow by more than 5% CAGR (2024–2026), with an average annual jaws effect of +1.5 points. The return on invested capital (ROIC) is forecast to exceed 14% in 2028 and reach over 20% in 2029. The expected impact on the Group’s CET1 ratio is approximately -35 basis points as of Q3 2025, subject to final regulatory discussions.
An update on the operation’s progress will be provided alongside the Group’s Q3 2025 results, with a dedicated Deep Dive scheduled for Q1 2026.
