Axa to sell private equity arm

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French insurer Axa is to sell its £18bn private equity arm, according to reports.

Axa has engaged investment bank Credit Suisse to run an auction of the private equity firm, Sky News reports. The group has 164 companies in its directly-owned portfolio and 600 funds in its fund-of-funds portfolio, according to its website. Axa has refused to comment.

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