Apax Partners, the global private equity house, and GE Capital are both contenders to buy Azimut, the Milan-based asset management subsidiary of Italian bank Bipop-Carire, despite reports that Apax is in exclusive negotiations.

Although Apax Partners is seen by some in Italy as the favourite, GE Capital is not out of the running according to sources close to the deal. Acquiring Azimut would give GE Capital its first foothold in financial services in Italy.