According to Bloomberg, which cited people familiar to the matter, Axa is reviewing options for its European asset management arm AXA IM, including lining up Natixis as a potential partner.
It said no final decisions have been made, and Axa may choose to retain the unit as is.
Natixis is the international corporate, investment, insurance and financial services arm of Groupe BPCE, the second-largest banking group in France.
Axa IM has €735bn (£649bn) under management, according to its website.
Both Axa and Natixis declined to comment.
The rumour follows a string of mergers and takeovers in the asset management space in the past 18 months, including between Aberdeen Asset Management and Standard Life, Janus Capital and Henderson Global Investors, and Amundi and Pioneer Investments.
