AXA sells investment management unit to BNP Paribas for €5.4B

AXA has completed the sale of AXA Investment Managers (AXA IM) to BNP Paribas for €5.1 billion in cash. As part of the transaction, AXA also sold Select to AXA IM for €0.3 billion, bringing the total deal value to €5.4 billion.

The two firms have entered into a long-term partnership, under which BNP Paribas will handle investment management for AXA. AXA will maintain control over product design, asset allocation, and asset-liability management. The deal creates a €1.5 trillion European asset management platform.