Asset Co is looking to buy Europe-based exchange-traded fund (ETF) provider Rize, according to Sky News.
The deal will be for a majority stake in the investment business.
At the same time, media reports state that the Martin Gilbert-backed firm plans to raise approximately £25m ($34m, €29m) of new equity from investors.
The fundraise will be partly used to finance the Rize ETF acquisition.
Both firms were contacted on the rumoured deal but did not comment in time for publication.
It has been backed by ex-chief executive of Aberdeen Asset Management, Martin Gilbert, and a group of investors, including former Aberdeen Standard Investments global head of private markets Peter McKellar and Toscafund Asset Management.
The firm has already bought Edinburgh-based investment boutique Saracen Fund Managers and a 30% stake in IFA platform Parmenion.