Italian insurer Generali and French insurer BPCE signed a memorandum of understanding on Tuesday to combine their asset management operations, a first step towards creating Europe's largest player in the sector by revenue, Reuters reported. The two parties' managements approved the non-binding agreement that envisages the creation of a joint venture to manage assets worth 1.9 trillion euros ($2 trillion). The new entity's revenues are estimated at 4.1 billion euros. The transaction is expected