UBS and German asset manager DWS are reportedly moving ahead with the final bids for NN Investment Partners (NN IP), the asset management arm of Dutch insurer NN Group.

Prudential Financial and American asset manager Nuveen are also interested in the unit, Reuters reported citing people familiar with the matter.

Both Prudential and Nuveen are currently conducting the due diligence process ahead of a binding bid deadline of early next month, according to sources.

Other bidders including insurance giants Allianz and Assicurazioni Generali as well as British mutual insurer The Royal London Group have dropped out from the bid.

NN Group decided to offload NN IP in April this year, following a strategic review of the nearly €300bn business.

At the time, the company said it is considering a range of options including a merger, joint venture, or (partial) divestment for the unit.

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By GlobalData

The sources divulged that the insurer is eyeing between €1.4 and €1.6bn ($1.9bn) from the deal.

This deal is expected to help NN hone its ability to expand overseas after it missed out a chance to acquire Aviva’s Polish insurance arm in March.

According to one of the sources, NN held meetings with several bidders earlier this week to evaluate their ability to develop the unit in areas such as infrastructure, real estate, private equity and alternative investments.

The insurer is planning to finalise the deal by 12 August, in time for its half year earnings.

The news was not officially confirmed by UBS, Prudential Financial, DWS, Nuveen, and NN.

A NN spokesman said that the insurer would update markets on the sale process ‘when and if appropriate’.

This April, British insurance broker Ardonagh, owned by US private equity investors HPS Investment Partners and Madison Dearborn Partners, reportedly established an asset management division.