Dear Client, dear Partner,

We would like to inform you of some exciting news concerning our company: our Group has entered into exclusive negotiations with AXA envisaging the acquisition of AXA Investment Managers to create a leading asset management platform in Europe with over €1,5 trillion of AUM. The proposed transaction would also be accompanied by a long-term partnership with AXA to manage its insurance and savings assets.

The agreement under discussion would provide us with the necessary scale by combining our strengths and leadership in sustainable investing with AXA IM’s position in private assets, expertise in insurance portfolio management and equally their commitment to sustainability. This would allow us to continue to serve you to the highest standards, with a larger palette of products and services and within a broader set of geographies.

The decision to move forward will be taken after proper information and consultation of the relevant employee representative bodies and will be subject to customary approvals. We would envisage a potential completion of this acquisition to be around mid-2025. Over the next few months before an agreement is reached and during a pre-closing phase there will be no changes related to this project in our organization, products, services, operations, your business contacts, or the way we manage your portfolios.

We look forward to sharing updates on the next steps of this exciting project. In the meantime, should you have any questions please do not hesitate to contact your relationship manager. A translated version of this communication will be available in local languages on our country websites later today.

Best regards,

Sandro Pierri……………………………………………………Steven Billiet
Chief Executive Officer……………………………………..Head of Global Client Group
BNP Paribas Asset Management…………………….. BNP Paribas Asset Management