In a statement on 1 August, the French headquartered group said BNP Paribas Cardif, the insurance business of BNP Paribas, after having directly proceeded to the proposed transaction as principal, would have the opportunity to rely on this platform for the management of up to €160bn of its savings and insurance assets.

With the combined contribution of BNP Paribas’ asset management platforms, the newly formed business would total €1,500bn in assets under management placing it as “a leading European player in the sector” managing long-term savings assets for insurers as well as pension funds.

AXA would receive cash proceeds of €5.1bn under the terms of the deal, with the total estimated transaction value expected to be €5.4bn, representing a multiple of 15x 2023 earnings.

The acquisition would also allow the combined businesses to benefit from AXA IM Alternatives’ leading market position and track record in private assets which will drive further growth with both institutional and retail investors.

With a CET impact of circa 25 bp for BNP Paribas, the expected return on invested capital of the transaction would be above 18% as soon as the 3rd year, following the end of the integration process.

The signing of the proposed transaction, expected by the end of the year, is subject to the information process and consultation of the employees’ representative bodies. The closing of the transaction is expected by mid-2025 once regulatory approvals have been obtained.

Jean-Laurent Bonnafé (pictured), director and CEO, BNP Paribas said: “This project would position BNP Paribas as a leading European player in long-term asset management. Benefiting from a critical size in public and alternative assets, BNP Paribas would serve its customer base of insurers, pension funds, banking networks and distributors more efficiently.

“The strategic partnership entered into with AXA, the cornerstone of this project, confirms the ability of both our groups to join forces. This major project, which would drive our growth over the long-term, would represent a powerful engine of growth for our Group.” said Jean-Laurent Bonnafé, Director and CEO, BNP Paribas.

Thomas Buberl, CEO of AXA said: “AXA Investment Managers has been a homegrown success story for the AXA Group. Over the past 25 years, we have built an exceptional franchise anchored in investment expertise, a relentless client focus and a proven track record on sustainability. Thanks to the quality of its teams, AXA IM is today a leading player, notably in Alternatives in Europe.”

“By joining forces with BNP Paribas, AXA IM would become a global asset manager with a wider product offering and a mutual objective to further their leading position in responsible investing. I would like to thank all AXA IM employees for their unwavering commitment, and their continued focus on delivering value for our clients.”

He further said: “In the context of a rapidly consolidating and highly competitive asset management industry, the group has considered different options to support the future development of Axa Investment Managers and to best align with the strategic goals of Axa to further simplify its business profile and grow its insurance businesses.”

Renaud Dumora, deputy chief operating officer, investment & protection services, BNP Paribas said: “The creation, within the Investment & Protection Services (IPS) division of the BNP Paribas Group, of a European leader in the management of long-term insurance and savings assets, would enable the IPS division to exceed EUR 2 trillion of assets entrusted by its clients.

“This operation would allow BNP Paribas Cardif to benefit from premium access to the services of an asset management expert on the asset classes required for insurance management. The combined expertise of the BNP Paribas Asset Management and AXA IM teams in public and private assets, as well as their leadership in sustainability, would be valuable assets to better meet future needs of clients.”

Group chief financial officer Jon Nielsen will be leaving the company to pursue a career opportunity in North America.

Nielsen has committed to remain with FWD Group until 31 August 2023, including through its half-year results, to ensure a smooth transition.

FWD Group said it is “well-advanced in its international search process” for the role.

Melbourne Capital Group

The advice firm has promoted Kazi Nishad to head of business development, according to a Linkedin post.

Nishad was previously a private wealth specialist at the firm. Prior to that, Nishad was a business development manager at DeVere Group based in Malaysia.

BNP Paribas Wealth Management

The firm has appointed Marc Kermaidic as chief operating officer for wealth management in Asia.

Kermaidic is currently head of investment services development for BNP Paribas Wealth Management’s global Asian and international markets.

He succeeds Long Doan, who will take up a new role within BNP Paribas, which will be announced in due course.

Investec Wealth & Investment

Marc Wright has joined the firm as head of entrepreneurs within its private office.

Wright was with Barclays, where he was an ultra-high net worth senior private banker, leading the Midlands region for Barclays Private Bank.

The Marlborough Group

Chris Hughes has taken on the role of business development manager at the investment firm, according to his Linkedin profile.

Hughes was previously at Brooks Macdonald, where he was investment solutions manager.

Abrdn

The asset manager has grown its MPS team with the appointment of Sam Buckingham as investment manager.

He joins from Kingswood Group, where he was an investment analyst.

Liontrust

The asset management company has hired Anthony Chemla as a fund manager for its multi-asset team.

Chemla was previously at Atomos, where he was lead portfolio manager for its DFM portfolios and co-portfolio manager of its managed portfolio service.

Evelyn Partners

The wealth management and professional services firm has hired financial planner Nick Hathaway to its Birmingham office.

Hathaway joins from Jerroms Financial Planning, where he has worked since 2018.

Continuum

The IFA company has added financial adviser Stuart Anthony to the London arm of its nationwide team.

He joins Continuum from Alexander House Financial Services, an appointed representative of Quilter, where he was an independent financial planner.

Philip J Milton & Company

The IFA firm has named Peter Elston as director.

Elston was previously chief investment officer at Seneca Investment Managers.

Also, financial planner Felix Milton, has become a director of the company.

Adam Cooke has also been named as non-executive chairman. Cooke previously worked for many years at Invesco.

The wealth management unit will provide clients access to international capital markets by using BNP Paribas’ platform in Singapore.

BNP Paribas has named Daniel Peter as chief executive of the wealth management division in Thailand.

Prior to joining BNP Paribas, he was team leader of wealth management Thailand at Credit Suisse. He will be based in Bangkok.

Arnaud Tellier, chief executive of Asia for BNP Paribas Wealth Management, said: “BNP Paribas has been banking with entrepreneurs and families in Thailand since 1979. With the launch of enhanced wealth management capabilities, we are now able to offer a comprehensive array of solutions that allow us to better serve high net worth individuals and their families in Thailand.”

Thailand push

Asset management Schroders has been very active in the Thai wealth market over the last few years. In 2021, Schroders Singapore and Thailand-based Robowealth agreed a strategic partnership to launch wealth tech products, services and educational content for Thai retail investors.

Then, in 2022, Schroders teamed up with Bangkok-based Krungsri Asset Management to unveil a private equity fund for ultra-high net worth individuals, and also launched a multi-asset portfolio in partnership with Robowealth.

Also, in 2022, the subsidiaries of Singapore-headquartered United Overseas Bank (UOB) agreed to acquire Citigroup’s consumer banking businesses in Indonesia, Malaysia, Thailand and Vietnam. The operations included wealth management.

For more insight on asset and wealth management in Asia, please click on www.fundselectorasia.com

Chief investment officer Nicholas Cooling will retire from the firm in May 2023 after more than 30 years with the business.

Sheldon MacDonald will take over, after joining the company in October 2021 as chief investment officer of multi-asset from Liontrust where he held several senior investment roles.

His appointment has been approved by the Financial Conduct Authority (FCA).

L&G

Chief executive Nigel Wilson is set to retire after serving in the role for more than a decade.

He joined Legal & General as chief financial officer in 2009 and was then promoted in 2012.

Wilson will continue working until a successor is found.

Quilter

Priti Verma will become chief risk officer at Quilter in Q2 2023.

Most recently she was at Brooks Macdonald where she held a similar role.

Verma will succeed Matt Burton who had to step back in 2022 due to ill health.

Capital Group

The investment management giant has shaken up its senior management team.

Tim Armour, chairman and chief executive, and Robe Lovelace, vice-chair and president, will step down in October 2023.

As a result, Mike Gitlin will become president and chief executive, Martin Romo will take on the role of chairman and chief investment officer, and Jody Jonsson will become vice-chair of Capital Group and continue working as president of Capital Research Management Company.

The appointment will be effective from 24 October 2023.

Fidelity International

The UK-based investment firm has promoted Dennis Pellerito to head of UK wholesale.

He has been with the company for a decade and was most recently director of the UK strategic account team.

Pellerito succeeds John Clougherty who will handover his responsibilities in March 2023 and retire in September.

Julius Baer

Sacha Bodenehr will become market head of Geneva as well as branch manager, effective from 1 February 2023.

He has held the roles in an interim basis so far, and has been with Julius Baer since 2003 in several roles including head CEO office, chief of staff (French-speaking Switzerland) and head of strategic projects for Europe.

BNP Paribas AM

The French asset manager has hired Daniel Choong as chief executive of its Malaysia operation, subject to regulatory approval.

He succeeds Angelia Chin-Sharpe who became Singapore chief executive and relocated to the Lion City in August 2022.

Choong joins from Abrdn where he served as head of distribution in Malaysia.

Financial Ombudsman Service

The Financial Conduct Authority has re-appointed baroness Zahida Manzoor as chair of the FOS, approved by the Treasury.

She has been in the role since August 2019 and will continue until August 2025.

The UK long-term savings and retirement business has promoted Bríd Meaney promoted to Heritage chief executive.

Meaney joined the group in 2021 and is currently finance director for its life companies division.

This comes as Andy Moss, life companies chief executive and heritage group director, has announced he will retire after 18 years at the company.

In other news, Jackie Noakes joins Phoenix Group as chief transformation officer.

She joins from the Bank of Ireland, where she served as group chief operating officer.

Eastspring Investments

The asset management business of Prudential has appointed Bill Maldonado as chief investment officer.

Maldonado joined Eastspring in September 2021 as head of equities.

BNP Paribas Asset Management

The French asset manager has named Mike Nikou as chief executive and head of distribution for Asia Pacific.

He will replace Steven Billiet, who has served as the firm’s Asia Pacific head after being appointed as head of the global client group in August last year.

Nikou was most recently a global partner at Antler, a global venture capital firm that invests in early-stage technology companies.

In other news, BNP Paribas AM has appointed London-based Mark Richards as head of flexible and absolute return within its multi-asset, quantitative and solutions investment division.

He joins from Jupiter Asset Management, where he was a senior fund manager.

Neuberger Berman

The investment manager has hired Niall O’Sullivan for a newly created role as chief investment officer of multi-asset strategies, Emea.

Most recently, he worked with Mercer Investments as chief investment officer of its outsourced chief investment office (OCIO) business for Europe, Middle East and Asia.

IQ-EQ

The financial services group has promoted Guernsey-based Alasdair McLaren to the newly created position of regional head of private wealth for the UK, Ireland and Crown Dependencies.

McLaren is currently head of private wealth for Guernsey.

Ocorian

The financial services group has promoted Michael Betley to global head of private clients.

Betley joined Ocorian in November last year when it acquired Trust Corporation International which he founded in 2003.

He succeeds Nick Cawley who is moving to a newly created role in the business setting up and chairing a global private client advisory board.

Tyndall Investment Management

Theresa Russell has been named as head of distribution at the independent investment house.

Prior to this, Russell was head of sales and marketing at GVQ Investment Management.

Lombard Odier Investment Managers

George Guest has been named as sales director in the firm’s UK wholesale team.

He joins LOIM from Impax Asset Management.

JP Morgan Asset Management

The asset manager has hired Dennis Yang as head of Hong Kong private bank distribution.

He most recently worked at Credit Suisse as a director, where he delivered both discretionary and advisory mandate solutions provided by Credit Suisse’s private banking and asset management divisions to private banking clients.

Evelyn Partners

The wealth management and professional services group has hired Sam Whatsize as a financial planner in the firm’s Nottingham office.

Whatsize joins from Brown Shipley, where he worked as a financial adviser in the firm’s Nottingham office.

In other news, Evelyn Partners has bolstered its Birmingham office with the appointment of Sarah Crowley as a financial planning director.

She joins from Brighton-based financial advisory firm IEP Financial, where she worked as an IFA for the past four years.

Lastly, Evelyn Partners has named Kjersti Wiklund as an independent non-executive director.

She is currently a non-executive director of Nordea and UK listed firms Spectris and Zegona Communications. She is also non-executive director of Babcock International Group, which she will step down from at the 2022 AGM.

Jersey Finance

Yiow Chong Tan has been named as business development director for Singapore at the promotional body.

Most recently, he was corporate finance director and board secretary at Hui Tian Network Technology.