Banco BPM SpA is exploring a sale of asset management unit Aletti Gestielle SGR SpA, Reuters reported, citing sources.

The Italian lender, which was created from the merger of Banco Popolare Società Cooperativa and Banca Popolare di Milano SpA, hopes to optimize its assets and has asked Barclays to do a general review of the business, the Jan. 26 report said. Aletti has about €17 billion in AUM and could be valued at €500 million, according to the sources, one of whom added that the business could be sold before the summer.

The sources reportedly said Aletti is likely to pursue a merger with Anima Holding SpA, in which BPM holds a 14.67% stake, given that both companies have similar domestic focus and business models. However, BPM is expected to also seek bids from other companies, including France-based Amundi SA and U.K.-based Aberdeen Asset Management Plc.