German asset manager Finance in Motion, which promotes ESG investment, is seeking potential buyers for its business, Bloomberg has reported citing people privy to the development.

The company is having discussions with advisers to undertake the sale that might value the company in hundreds of millions of euros, the unnamed people told the agency.

However, the ongoing negotiations may not bring about a final deal, added the people.

A spokesperson for the company refused to give any update on the matter.

Currently, Finance in Motion is said to have nearly €3.2bn in assets under management or advisory.

The company’s funds comply with the Article 9 of the European Union’s Sustainable Finance Disclosure Regulation, which is issued to funds that feature sustainability as their central objective.

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Demand for such offerings among the investors has grown significantly with sustainable finance becoming a mainstream market area.

Despite an increase in the number of ESG fund products by the major asset managers worldwide, more stringent EU instructions on the use of Article 9 has resulted in the recent downgrade of offerings operated by various companies such as Amundi, DWS Group and BlackRock.

Finance in Motion, which was set up in 2009, currently runs 16 offices across the globe. The firm has a workforce of over 270 people.

In September last year, Finance in Motion announced an investment of €50m from Netherlands’ ASN Bank in European Fund for Southeast Europe (EFSE) fund, where the company serves as an advisor.