Dutch insurance firm NN Group has announced it is considering the sale of its asset management arm, NN Investment Partners, which has around €300 billion of assets under management.

The move follows pressure from activist hedge fund Elliott Management, which has disclosed a roughly 3% stake in NN.

NN Group, which has a stock market value of more than €13 billion, was spun out of Dutch bank ING after the 2008 financial crisis.

“NN Group today announces it is reviewing strategic options for its asset management business, covering a broad range of options including a merger, joint venture, or (partial) divestment,” said NN Group.

“The review is part of NN’s regular and thorough assessment of its individual businesses, in line with our aim to pursue long-term value creation that is beneficial to all stakeholders.

“NN Investment Partners (NN IP), with around EUR 300 billion of assets under management, is a leader in responsible investing and has strong capabilities in fixed income, private debt, equity and multi asset solutions.

“The current review is aimed at assessing the opportunities to create a broader platform to enable NN IP to accelerate its growth.

“In considering different strategic alternatives, particular focus will be given to how NN IP can continue to provide the best investment offering and service to NN’s insurance business and asset management clients in a rapidly evolving industry.

“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.”