AXA Looks To Exit Mutual Fund Joint Venture With BOI; Avendus Evinces Interest In Buying Out The Fund
January 08, 2019 at 12:00 am EST
AXA Investment Managers may sell its stake in the Indian mutual fund joint venture with Bank of India Limited (BSE:532149). The asset management unit of French insurer AXA Group, which holds 49% in BOI AXA Mutual Fund, has sounded out its domestic partner about its plan, said two people familiar with the matter. Avendus Capital Private Limited has evinced interest to buy the stake, said one of the two people mentioned above. Avendus is, however, interested in holding a majority stake in the fund house, in which Bank of India owns 51%. Email queries to AXA Investment Managers and Avendus went unanswered till the time of going to press.