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Core Viewpoint - BNP Paribas has completed the acquisition of AXA Investment Managers, creating a new asset management giant in Europe with over €1.5 trillion in assets under management [2][3]. Group 1: Acquisition Details - The acquisition was finalized on July 1, with BNP Paribas Cardif managing part of AXA Group's assets under a long-term cooperation agreement [2]. - Following the acquisition, BNP Paribas will integrate AXA Investment Managers into its Investment, Savings, and Protection (IPS) business segment [2]. - BNP Paribas is now positioned as the third-largest asset management firm in Europe and the second-largest in France, according to IPE rankings [2]. Group 2: Market Position and Strategy - Post-acquisition, BNP Paribas aims to lead in the management of insurance and pension fund assets, managing approximately €850 billion in related assets [3]. - The company is expected to become a key player in the non-public market asset management sector and among the major ETF providers in Europe [3]. - The leadership structure has been adjusted, with Sandro Pierri becoming CEO of both BNP Paribas Asset Management and AXA Investment Managers [3]. Group 3: Industry Context - The global asset management industry is facing significant challenges, including declining profit margins and outflows from high-fee products [4]. - Mergers and acquisitions are becoming a strategic choice for firms to enhance competitiveness and scale, as seen in other recent transactions in the industry [4]. - The trend of declining fees is unlikely to reverse, prompting asset management firms to pursue growth through expansion [4].