Japan’s Nikko Asset Management and Australia’s Macquarie Group are among those looking at buying ING’s Asian asset management division, which is believed to be worth up to $600 million, according to reports.

Other companies likely to express interest in the investment management sale include South Korea's Mirae Asset and Fidelity Worldwide Investment, according to a report on Reuters.

ING's Asia-Pacific investment management business had about $55 billion of assets under management across Japan, South Korea, Taiwan, China, Hong Kong, Malaysia and Thailand at the end of the fourth quarter 2011, according to its website. It selling the business as part of its bailout deal with the Dutch government in 2008. 

Headquartered in Hong Kong, ING Investment Management has about 230 investment professionals and manages assets for ING's life insurance and third-party institutional and retail clients.

ING’s global investment management business had an operating income of €872 million euros ($1.14 billion) for 2011 and underlying profit before tax of €204 million. It does not break out Asia figures.

Nikko Asset Management, which is currently planning to list, has been on the acquisition trail for asset management businesses in recent years. It purchased Australian fund manager Tyndall Investments in 2010 and last year it acquired DBS's asset management business.

Macquarie has also been on the lookout for asset management businesses. It was among the suitors for Deutsche Bank's asset management business when it was sold, said the report.