Bank of America’s investment management arm is attracting lower than expected offers, Financial Times reports. Columbia Management has drawn bids of about $2 billion, while the bank is aiming for a $3 billion sale.

BofA could split the unit into two and consider separate offers for its money market funds business to enhance the bids. BlackRock was a prime suitor to buy the business, but the asset manager opted to acquire Barclays Global Investors for $13.5 billion last month.

For the complete story, click here.