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News > Deals
Allianz eyeing Applegate
September 18, 2000: 2:35 p.m. ET

Other bidders for fund manager said to include AIG, Nuveen and First Union
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NEW YORK (CNNfn) - German insurer Allianz AG is in talks to acquire fund manager Nicholas-Applegate, a source close to the situation told CNNfn.com Monday.

Munich, Germany-based Allianz owns 70 percent of bond-fund manager Pimco, and acquiring Applegate would allow the German insurer to use Pimco's distribution network to sell Nicholas-Applegate funds.

Applegate could bring over $2 billion, the Wall Street Journal reported.

Other bidders include American International Group, Chicago bond-fund manager John Nuveen, First Union Corp. and Citigroup (C: Research, Estimates), published reports said.

Both Allianz and Nicholas-Applegate declined to comment. First Union, John Nuveen and Citigroup could not be reached for comment.

Allianz, a global insurance company, earned $39.4 billion (46.2 billion) in 1998; nearly 70 percent of Allianz business is in property and casualty insurance while 30 percent is life and health insurance.

San Diego-based Applegate has $44 billion in assets under management, with a focus on technology and other growth companies. Newport Beach, Calif.-based Pimco had $186 billion in assets under management in 1999. Back to top

  RELATED STORIES

Dresdner and Commerzbank consider three-way tie with Allianz - July 10, 2000
  RELATED SITES

PIMCO Bonds

Nicholas-Applegate

Allianz Group

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