LONDON (Reuters) - Equitable Life is set to appoint investment bank Lexicon Partners to advise on the possible break-up of the mutual insurer, a source familiar with the situation said on Saturday.

Equitable's board is considering its strategic options, and an industry source last week said the troubled firm was considering selling its 7 billion pound annuity book to Prudential (PRU.L: Quote, Profile, Research).

Saturday's Daily Telegraph said closed life insurance consolidator Resolution Group (RSL.L: Quote, Profile, Research) is squaring up for a bid battle with Hugh Osmond's Life Company for Equitable's with-profits life insurance fund.

This is cache, read story here