Crédit Agricole Indosuez, the banking arm of Crédit Agricole Group, has sold the majority of its stake in LibertyView Capital Management, its US alternative asset management business, as part of its strategy of refocusing its securities business in Europe.

LibertyView, with around $1bn (€1bn) in assets, specialises in managing arbitrages in the US market, and was sold to Neuberger Berman, a US fund management company. Terms of the deal were not disclosed, but the sale is expected to complete by the end of the year.