Shearson Lehman Brothers is negotiating with several companies for the possible sale of its money management firm, the Boston Co., Shearson announced Thursday.

"Several blue-chip financial institutions have indicated that they believe our subsidiary, the Boston Co., may be a natural fit with their organizations. We have put in place a rigorous and professional process to explore this interest," Shearson said in a press release.

No decision has been made on whether to sell the company, Shearson added. Official declined to comment on whether the firm is seeking about $1 billion for the Boston Co.

The unit is a wholly owned subsidiary of Shearson Lehman Brothers Holdings, which is a unit of the American Express Co. The financial services company specializes in custodial and trust services for mutual funds, pension funds, and charitable organizations. Assets under management total $34.3 billion and company assets on its balance sheet total $8.8 billion.

A subsidiary of the Boston Co., Boston Safe Deposit & Trust Co., provides trust and mortgage lending services to individuals.

The Boston Co. logged $140 million of revenue during the second quarter, a 4.5% increase over the $134 million posted during the same period last year.

Shearson purchased the Boston Co. in 1981 for $48 million. Information was not immediately available on the amount of assets invested in municipal bonds, a spokeswoman for Shearson said.

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