Swiss stock market operator SIX Group Ltd. is considering a bid for fund distribution company Allfunds Group plc (ENXTAM:ALLFG), opens new tab, according to two sources with knowledge of the situation, a move that could be complicated by the difficulty of raising acquisition financing. Allfunds management is expected to meet prospective bidders next month, one of the sources said, while the other said no offer from the Zurich-headquartered SIX was imminent. Amsterdam-listed Allfunds is working with Goldman Sachs and Citigroup on a strategic review that could lead to a sale and has also attracted interest from private equity firms, two other people with knowledge of the situation said.

Although conversations over the future of Allfunds are preliminary, they may gain momentum during the first quarter after it publishes its annual results in February, the two sources said. Funds including Advent, Brookfield Corporation (TSX:BN), CVC Limited (ASX:CVC) and KKR & Co. Inc. (NYSE:KKR) have shown an interest, two people familiar with the process said, but it was unclear if any planned to pursue an offer.

Spokespeople for SIX, which is owned by around 120 banks, and Allfunds, declined comment. Advent, Brookfield, CVC and KKR declined to comment. None of the five sources could be named because the discussions are not public.

Some of them said SIX could face challenges in raising financing for an acquisition.