Bank of America has received a pair of bids for its mutual fund unit Columbia Management, according to a report.

BlackRock Inc., Franklin Resources Inc. and Federal Investors Inc have made preliminary offers to buy the business, people familiar with the matter told Bloomberg.

The bidding will not be open to leveraged-buyout firms, the report stated.

The unit may draw bids of more than $2 billion, analyst Michael Kim of Sandler O’Neill & Partners LP told Bloomberg.