AXA has completed the sale of AXA Investment Managers (AXA IM) to BNP Paribas for cash proceeds of €5.1 billion.

AXA has also finalised the sale of Select to AXA IM for €0.3 billion, bringing the total value to the previously announced €5.4 billion.

The sale was initially announced last year. Following its completion, AXA and BNP Paribas have entered into a long-term partnership under which BNP Paribas will provide investment management services to AXA. AXA will retain full authority over product design, asset allocation, and asset-liability management.

The combination of AXA IM and BNP Paribas creates a leading European asset manager with €1.5 trillion in assets under management.

Thomas Buberl, CEO of AXA, said, “Today marks the beginning of a new chapter for AXA IM.

“The combination with BNP Paribas positions AXA IM for future success by leveraging their combined strengths and capabilities. We look forward to the partnership with BNP Paribas to continue to deliver best-in-class investment solutions for AXA and its clients. I would like to extend my heartfelt gratitude to all AXA IM employees for their dedication and unwavering commitment, which have significantly contributed to the success of this homegrown business over the past 25 years.”

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