RS Capital's bidders

New York-based Guardian Life Insurance Co. of America, which owns 80% of RS Investments, reportedly decided to sell the firm several months ago. The remaining 20% of the equity-focused investment firm, which has $20 billion in assets under management, is employee owned.

DoubleLine Capital, which has $72 billion under management, is the largest firm bidding for RS Investments. Unlike the other bidders, DoubleLine is considered a strategic buyer and would likely integrate RS Investments into its overall operations. Los Angeles-based DoubleLine has only one equity team.

Brooklyn, Ohio-based Victory, which has $35.8 billion under management, is the smallest of the rumored bidders, but since spinning out from KeyCorp in 2013 has made two acquisitions: Munder Capital Management and Compass Efficient Model Portfolios. RS with $20 billion under management would be Victory's largest acquisition to date.

Hartford, Conn.-based Virtus, which has $52.4 billion under management, would likely continue to operate RS Investments independently.

Atlanta-based RidgeWorth, which has $42.5 billion under management, would likely continue to operate RS Investments independently.

Radnor, Penn.-based Lovell Minnick Partners is the only private equity firm reportedly bidding on RS Investments. The firm specializes in acquiring financial services companies. It currently owns Matthews International Capital Management.