German insurer Allianz AG is one of several firms negotiating to purchase Nicholas Applegate, Reuters has reported.

The reports state that the "outcome to the talks remains open." Although the companies are not commenting, the rumors are widespread enough that WestLB Panmure, a German firm, upgraded its recommendation on Allianz stock to "neutral" from "underperform" citing the planned purchase.

Nicholas-Applegate's name has repeatedly surfaced on lists of fund firms said to be on the block. Last June it was reported that the San Diego fund manager retained Goldman Sachs to find a buyer. The firm managed $45 billion and is could go for as much as $1.5 billion.

In May of this year Allianz made a bid to bolster its investment management operations by purchasing PIMCO Advisors Holding for $3.3 billion, a move that boosted the group's assets under management to $583.5 billion.  

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