Merrill Lynch, since this year owned by Bank of America, is in discussions with companies including Blackstone and Apollo Investment Management to sell the management rights of its $2.65 billion Asian Real Estate Opportunity fund, according to an unnamed source quoted by Reuters.

Merrill invested $700 million in the fund, which closed late last year, and intends to stay invested, the source was quoted by the news service as saying, saying also that the talks may involve other Asian real estate assets.

Bank of America is backing off from asset management and is currently in talks to sell its Columbia asset management business.

None of the named companies has made a comment.