About half a dozen investment managers have put forward bids, ranging between $400 million to $800 million, for troubled insurer American International Group's asset management business, the Wall Street Journal reported, citing people familiar with the matter.

Private equity firms Ashmore Investment Management, Hellman & Friedman LLC, Rhone Group and TA Associates as well as mutual fund manager Franklin Templeton and asset manager Southgate Alternative Investments are among those who have shown interest, the Journal said in a report on its website.

The unit manages about $100 billion in private equity stakes, hedge fund interest and stocks and bonds and AIG hopes to conclude the sale by the end of May but could withdraw the sale if prices aren't high enough, the report said.

The bids for AIG's unit are below the typical prices for asset management businesses, which historically have been valued at 1 percent to 2 percent of assets, the Journal said.

Difficulties in valuing the unit's private equity and hedge fund stakes and concerns over AIG personnel and clients defecting have led to bidders' low prices, the report said.

(Reporting by Vikram Subhedar in Bangalore; Editing by Muralikumar Anantharaman)

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