Bank of America Corp's
Bank of America has been trying to sell its Boston-based Columbia Management unit since earlier this year, but the bank has so far not announced a deal for the unit.
The company is hoping to get at least $3 billion from a sale of Columbia Management, but bids so far have come in closer to $2 billion, the paper said, citing the people.
BlackRock was a leading candidate to buy the business, but its hands have become full since agreeing to buy BGI for $13.5 billion last month.
But buy-out firms remain interested in First Republic, a private bank that Bank of America has been trying to sell.
A group led by former bank executive Gerry Ford -- which includes private equity firms Carlyle Group
If sold, First Republic could be priced at about its tangible book value -- ranging from $600 million to $800 million depending on how its assets were marked and the degree to which Bank of America agreed to share losses, the paper said.
(Reporting by Tenzin Pema in Bangalore; Editing by Lincoln Feast)