LONDON (Reuters) - French banking group Bpce is reaching out to rivals such as Axa, Dws -and Generali for a merger of its asset management business, but reaching an agreement is made difficult by its unwillingness to cede control.

Bpce is working with Fenchurch Advisory and Rothschild & Co to informally sound out interest in asset management firm Natixis Investment Managers, which has $1.2 trillion in assets under management, according to one of the sources.

A third source added that Generali has not initiated any discussions, preferring to focus on integrating the recent acquisition of U.S. asset manager Conning.

Axa reportedly explored the possibility of an alliance with Natixis Investment Managers in 2017, but the deal never materialized. Natixis Investment Managers comprises nearly 20 'boutiques,' including Harris Associates.

"We are working on our next multi-year strategic plan," said a Bpce spokesperson. "As part of this exercise, we are conducting analyses for each of the group's businesses to identify the best way to develop them."

"These analyses are being conducted for all of the group's many business lines and are by no means specific to asset management," he added

(Translated by Chiara Scarciglia, editing Andrea Mandalà)