State Street, BlackRock, BNY Mellon and JP Morgan are among the likely contenders to bid for Deutsche Bank’s asset management arm, the Financial Times reports, citing comments from analysts.

The four firms might consider bidding for parts of the asset management unit, after Germany’s largest bank announced last week it was conducting a strategic review of this side of the business.

The Frankfurt-listed bank said its review will focus on recent regulatory changes and the associated cost rises that have affected this business and its growth prospects.

Although Deutsche Bank’s original statement said it was “committed to asset management” and did not refer to a possible sale, it did say that “all strategic options are being considered.” Several media reports have referred to such a possibility.

“The review covers all of the asset management division globally except for the DWS franchise in Germany, Europe and Asia, which the bank has already determined is a core part of its retail offering in those markets,” the statement continued. The US retail arm is included in the review.

The comments from analysts cited the fact that BNY Mellon and State Street have been buying asset managers in Europe, while JP Morgan may have an interest in DB Advisors, and BlackRock in the asset management business, the FT said.

Meanwhile, analysts reportedly say the sale could be worth around €1 billion ($1.3 billion) to Deutsche Bank, with some expecting the different business lines to be sold off in parts, rather than one buyer taking on the whole division.