Axa SA is studying options for its investment manager and has been contemplating a combination with BNP Paribas SA ’s asset manager, a joint venture that would have total assets under management of about €1.4 trillion ($1.5 trillion).

Discussions between the firms have focused on creating a joint venture between Axa Investment Managers and BNP Paribas Asset Management, according to people familiar with the matter, who asked not to be identified because the talks are private. Such a move would create one of the largest European firms by AUM.