SINGAPORE/HONG KONG  Schroders is looking to sell its Indonesian business, according to two sources with knowledge of the matter, as the U.K.-headquartered global asset manager weighs exiting some sub-scale markets under its new chief executive.

The plan is fuelled by Schroders' CEO Richard Oldfield, who took charge last month, looking to trim underperforming units, said one of the sources, in a bid to reboot performance after a string of disappointing earnings.

Share prices of the 224-year-old firm are at an 11-year low.

"We are constantly in discussions with potential partners to ensure we continue to deliver exceptional service and value to our clients," a Schroders Indonesia spokesperson said, adding the company would not comment on specific market speculation.

Schroders has hired advisers, including UBS, to work on a possible sale of the Indonesian unit, said the two sources, as well as a third.

At least four companies, including the asset management arms of HSBC, Allianz and Indonesia's BNI or Bank Negara Indonesia are interested, the first two sources added.

All the sources declined to be named as the deal talks are confidential.

UBS and HSBC declined to comment.

Allianz Global Investors said it could not immediately comment.

"As part of BNI's transformation, we are open (to) options to strengthen the business group," BNI Corporate Secretary Okki Rushartomo said, declining to comment on the deal itself.

The valuation of the Indonesian unit of Schroders was not immediately known.

Schroders' exit plan comes after a three-decade struggle to grow the Indonesia business, as investors are expected to call for a strategy shift with its shares facing selling pressure this year, the first source said.

Active mutual fund managers like Schroders have been struggling to compete with passive managers, and alternative rivals in new flows globally. Some Asian markets have also yet to deliver on the promise of sustainable asset growth.

Schroders Indonesia manages about $4 billion worth of assets, 1.6% of its total assets in the Asia-Pacific region, the firm's second-largest market in terms of assets under management.

(Reporting by Yantoultra Ngui in Singapore, Selena Li and Kane Wu in Hong Kong; Additional reporting by Stefanno Sulaiman in Jakarta; Editing by Sumeet Chatterjee and Clarence Fernandez)