BNP Paribas Cardif Completes €5 Billion Acquisition of AXA Investment Managers

BNP Paribas Cardif, the insurance subsidiary of BNP Paribas, has finalized its acquisition of AXA Investment Managers (AXA IM) in a transaction valued at approximately EUR 5 billion. The deal, which closed on July 1, 2025, creates a leading European asset management platform with over EUR 1.5 trillion in assets under management.

The acquisition is a major step in the BNP Paribas Group's strategy to become the European leader in long-term savings management for insurers and pension funds, with around EUR 850 billion in this segment. The new platform will combine the expertise of AXA IM, BNP Paribas Asset Management, and BNP Paribas REIM to enhance its global distribution network and offerings in private assets and responsible investment.

The Group’s asset management activities will be led by CEO Sandro Pierri, with Marco Morelli, the current Executive Chairman of AXA IM, serving as chairman of the new platform. The transaction also includes a long-term partnership with the AXA Group to manage a large part of its assets.

Lenz & Staehelin advised BNP Paribas in connection with the merger filing in Switzerland. The team consisted of partner Astrid Waser and associate Sandro Travaglini (both Competition).