BPCE sounds out rivals for asset management tie-up - sources

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French lender BPCE has approached rivals including AXA, Deutsche Bank-backed DWS and Generali over merging their asset management operations, but reluctance to cede control makes a deal challenging, two people with knowledge of the talks told Reuters. BPCE has been working with Fenchurch Advisory and Rothschild & Co to informally gauge interest in its money management arm Natixis Investment Managers, one of the sources said on condition of anonymity. Generali has not moved forward with discussions, choosing instead to focus on integrating its recent acquisition of U.S. asset manager Conning, a third source said.