Massachusetts Mutual Life Insurance Co. is discussing a potential sale of its asset manager, OppenheimerFunds Inc., Bloomberg News reported, citing people familiar with the matter.

The company is reportedly working with its advisers about the possibility. No decision has been made yet as the process is still in its early stages, the people said.

OppenheimerFunds hold more than $249 billion in assets under management as of July 31. The news outlet reported that a sale of the asset manager could fetch at least $5 billion.

The news comes as asset managers struggle with narrowing margins amid declining fees and rising regulatory costs, according to the report.

A MassMutual representative declined to comment.