| Axa nears private equity spin-off | French insurer Axa is nearing an agreement to sell a majority stake in its private equity unit to a group led by its management, in a deal valuing one of Europe's largest private equity investors at about €500m, two people with knowledge of the matter said.
Axa decided to explore a sale of the unit, which manages $31bn of mostly third-party assets, about 18 months ago, as it revisited its strategy ahead of the new so-called Solvency II rules forcing insurers to put aside more reserves for risky operations. Banks are also increasingly withdrawing from the sector.
http://link.ft.com/r/EB8122/204CFL/D4L0IN/MSK32W/Q3ACC6/OS/h?a1=2013&a2=3&a3=22
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