United Asset Management Corp. (UAM) is in talks to sell its Pilgrim Baxter & Associates, Ltd. subsidiary to Nationwide Financial Services, Inc. UAM, of Boston, would only confirm that talks were being held. A Pilgrim Baxter spokesman declined to comment.

Pilgrim Baxter, based in Wayne, Pa., has struggled this year with net redemptions in its 14 funds. Pilgrim Baxter's assets under management have decreased from approximately $16.6 billion as of Dec. 31 to approximately $12.5 billion through August.

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