Banque Arjil et Cie of Paris will sell its entire stake of ABF Capital Management to the asset management firm's founding partners and Credit Lyonnais Asset Management, both of Paris, the companies announced.

Banque Arjil et Cie, which has controlled ABF since 1995, sold its shares as part of an effort to refocus on investment banking, according to the announcement. Credit Lyonnais, which has a total of $127.56 billion under management, will become the majority shareholder.

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