Franklin Templeton Investments is among the firms that have expressed interest in acquiring AIG's asset management business, The Wall Street Journal reports. On the auction block is a portion of AIG Investments that does outside asset management for pension funds, insurance companies and wealthy individuals.

Others that have shown interest in the business include private equity firms Ashmore Investment Management, Hellman & Friedman LLC, Rhone Group and TA Associates, and asset manager Southgate Alternative Investments, according to the report.

The Journal noted that the sale of the $100 billion portfolio "has become complicated by client withdrawals and declines in asset prices."

Many bidders offered between $400 million and $800 million, the Journal reported, citing people familiar with the matter. 

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