AXA completes private equity arm spin-out
LONDON, Sept 30
LONDON, Sept 30 (Reuters) - AXA's private equity arm said on Monday it had completed a spin out from its parent company, with management and employees taking the biggest stake of the newly named Ardian.
French insurer AXA will retain a 23 percent stake in the independent fund manager, which will run $36 billion in assets, making it one of the largest private equity firms in Europe.
Management and employees will hold 46 percent of the company, with European institutions and French family offices the remainder, Ardian said in a statement.
AXA has committed to investing 4.8 billion euros ($6.5 billion)in new funds managed by Ardian over the next five years.
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