Generali, BPCE to Form Europe’s Second-Largest Asset Manager (2)

Assicurazioni Generali SpA and BPCE have reached a preliminary deal to combine their investment units and create Europe’s second-largest asset manager amid a deal wave in the industry.

The two firms signed a non-binding memorandum of understanding for a joint venture between Generali Investments Holding and Natixis Investment Managers, they said in a statement Tuesday. BPCE and Generali are set to own 50% each in the entity, which would have about €1.9 trillion ($2 trillion) under management.

The Franco-Italian venture would be valued at about €9.5 billion, the companies said, and rank as the largest European asset manager behind ...