French banking group BPCE has entered early-stage talks with Italian insurer Generali about combining their asset management divisions, according to reports, the latest in a string of M&A deals across the sector.

BPCE-owned Natixis Investment Managers is one of Europe’s largest asset managers, overseeing $1.4tn. It operates a so-called multi-affiliate model, with Harris Associates, Flexstone Partners, Loomis, Sayles & Company and Mirova among its 15 subsidiary brands.