(Bloomberg) -- Amundi SA is interested in acquiring control of Allianz SE’s asset manager Allianz Global Investors as the French company scouts for deals amid industry consolidation, people familiar with the matter said.

Most Read from Bloomberg

• As Wars Rage, Cities Face a Dark New Era of Urban Destruction

• Riyadh Metro Partially Opens in Bid to Ease City’s Traffic Jams

Europe’s biggest asset manager has been holding on-and-off talks with the German insurance giant for several months about a deal for AGI, according to the people, who asked not to be identified because the discussions are private. Possible structures could include a full acquisition by Amundi or a combination with AGI that would leave Allianz with a sizable stake, they said.

Allianz Global Investors had €555 billion ($584 billion) of assets under management at the end of June, according to its website. While talks have progressed at various times and there’s a prospect of an agreement before annual results in February, the complexity of any transaction means there’s no certainty they will lead to a deal, they said.

One possible structure that has been discussed would involve forming a joint venture initially, potentially as a first step toward greater integration down the line, some of the people said.

Amundi and Allianz are both working with advisers as they each explore different asset management transactions, the people said. Munich-based Allianz has also held preliminary discussions with Deutsche Bank AG about a potential combination with the bank’s asset-management division DWS Group, the people said.

Tie-Ups, Partnerships

Reuters and Bloomberg reported in October that Allianz is considering options for its AGI unit. The early-stage considerations could include tie-ups and partnerships, a person with knowledge of the matter said at the time.

Representatives for Amundi, Allianz, Deutsche Bank and DWS declined to comment.

Dealmaking in the European asset management industry has been in full swing since BNP Paribas SA announced plans earlier this year to acquire AXA SA’s asset management arm. Assicurazioni Generali SpA is considering an asset management tie-up with Natixis Investment Managers, people with knowledge of the matter said in November. Italy’s Banco BPM SpA also launched a takeover offer last month for asset management firm Anima Holding SpA, which was disrupted when UniCredit SpA made a bid for Banco BPM.

Rising costs and pressure on fees are prompting asset managers to seek further scale. Many of the biggest players in Europe are still owned by banks or insurers, and often lack the scale to compete with US fund houses and alternative investment firms that have enjoyed breakneck growth in recent years.