Aberdeen Asset Management is among the four potential bidders still in the running to buy UniCredit’s fund management business Pioneer which has about $246 billion of assets under management, according to a Reuters report.

Europe’s biggest asset manager Amundi and an Italian consortium led by Poste Italiane are viewed as frontrunners after submitting the highest non-binding offers, the report said.

But Australia’s Macquarie and Aberdeen Asset are also interested in Pioneer and are carrying out due diligence on the business.

UniCredit wants to raise around 3 billion euros from the sale of Pioneer, a deal seen as crucial to plug a gap in its capital requirements estimated to be as big as 8 billion euros.