AXA Investment Managers SA is considering selling its stake in BOI AXA Mutual Fund, its India-based mutual fund joint venture with Bank of India, The Economic Times reported Jan. 8, citing two people familiar with the matter.
BOI AXA Investment Managers Pvt. Ltd. is the asset management company for BOI AXA Mutual Fund. AXA Investment, which holds a 49% stake in the joint venture, has reached out to Bank of India about its plan, one source told the outlet. Bank of India may also reduce its 51% stake to allow a new investor hold a majority stake in the firm, the source added.
Avendus Capital Pvt. Ltd., which is controlled by KKR & Co., is said to be interested in buying AXA Investment's stake but wants a majority stake in the mutual fund.
AXA Investment is a unit of French insurer Axa.