BNP PARIBAS CARDIF COMPLETES THE ACQUISITION OF AXA INVESTMENT MANAGERS

Core Viewpoint - BNP Paribas Cardif has completed the acquisition of AXA Investment Managers, establishing a significant European asset management platform with over EUR 1.5 trillion in assets under management [1][2]. Group 1: Acquisition Details - The acquisition was announced on 1 August 2024 and aims to position BNP Paribas as the European leader in long-term savings management for insurers and pension funds, managing around EUR 850 billion [2]. - The new platform will combine the expertise of AXA IM, BNP Paribas Asset Management, and BNP Paribas REIM, offering a diverse range of traditional and alternative assets [3]. Group 2: Strategic Goals - The operation is part of BNP Paribas' mission to support the economy by mobilizing savings for future-oriented projects [2]. - The platform aims to enhance innovation capabilities and expand its global distribution network, focusing on responsible investment [3]. Group 3: Financial Projections - The Group anticipates revenue growth exceeding +5% CAGR from 2024 to 2026, with a jaws effect of +1.5 points [7]. - Return on Invested Capital (ROIC) is projected to exceed 14% by 2028 and 20% by 2029 [7]. Group 4: Prudential Impact - The acquisition is expected to impact the Group's CET1 ratio by approximately -35 basis points as of Q3 2025, with ongoing discussions with supervisory authorities [8]. Group 5: Leadership and Integration - Sandro Pierri will lead the asset management activities, with Marco Morelli as chair, focusing on integrating AXA IM into BNP Paribas' structure [7][6]. - Joint working groups are already established to develop a common roadmap for offerings and services [6].