Dutch insurer NN Group is weighing the sale of its asset management business NN Investment Partners (NN IP), which manages over $363bn (€300bn) in assets.

The company said it is considering a range of options including a merger, joint venture, or (partial) divestment for the unit.

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NN IP specialises in fixed income, private debt, equity and multi asset solutions. It has presence in Europe, Asia, Latin America and the US.

The company said the business would continue to provide investment offerings and services to its insurance business and asset management clients.

NN Group said in a statement: “We are committed to conducting this process with the utmost diligence in the interests of all stakeholders, including customers, employees, and shareholders. We will update the market if and when appropriate.”

The move comes as the insurer looks to improve returns and streamline the business after coming under pressure from activist hedge fund Elliott Management last year, a report by Financial Times said.

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Elliott, which announced a 3% stake in NN last year, proposed initiatives including cutting costs, shifting investments, and selling non-core businesses.

NN Group was spun out of Dutch lender ING in the aftermath of 2008 financial crisis. The company is said to have a market capitalisation of over €13bn.

Earlier this month, British insurance broker Ardonagh reportedly established an asset management division to accelerate its buy-and-build strategy.

Last month, Insurance broker Acrisure marked its entry to the US asset management space with the establishment of a new division, Acrisure Asset Management.