LONDON -Aegon NV, the second-largest Dutch insurer, is said to be leading the bidding for the fund management unit of Equitable Life Assurance Society, according to Britain's Sunday Telegraph.
Aegon is reportedly prepared to pay more than $443 million for the business, which includes a roughly 400-person sales force.
GE Capital, the finance unit of General Electric Co., is also believed to be planning a bid.
Equitable Life is selling assets after a lack of funds forced it to stop selling new policies this month. Failing to find a buyer for the whole company, the 238-year-old insurer decided to sell pieces of its business.