The asset management unit of Swiss private banking giant UBS is reportedly planning to sell its fund platform UBS Fondcenter.

The company is currently negotiating with potential buyers, reported Bloomberg citing people familiar with the matter.

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If it advances, the deal is expected to generate nearly $506m in proceeds.

However, the deal was not confirmed by its spokesperson, when contacted by the publication.

Through UBS Fondcenter, investors can access more than 65,000 funds from mutual funds, ETFs and alternative investment funds providers.

According to the company website, UBS Fondcenter provides its partners with applications to simplify distribution efforts, advisory and fund selection processes.

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The move to divest the platform is said to be part of UBS’s plan to revive the asset management business.

UBS has been mulling multiple options to boost profitability of its asset management arm. A merger with Deutsche Bank DWS was also under consideration.

UBS’ competitor Credit Suisse Group has already combined its fund platform InvestLab with private equity-backed Allfunds.

Last month, it was reported that UBS will introduce a new service model to serve less-affluent customers in Switzerland.

According to an internal memo, Swiss clients, with assets between $500,000 and $5m, will fall under the new model. The model stresses more on technology with limited assistance from financial advisers.

Recently, UBS also announced plans to double its workforce at its investment banking joint venture in China.