ANZ Investment Bank is negotiating a broad alliance with Axa Asia Pacific, as part of the Melbourne-based bank's efforts to revive its fund management business.

ANZ initiated plans to seek a joint venture partner in May. The bank sent an information memorandum to about 15 interested parties, received detailed presentations from six, and later whittled that down to a shortlist of three. It comprised Axa, Deutsche Bank and BT Funds Management, a subsidiary of US-based Principal.