Private equity and debt giant Ares Management is close to acquiring fellow Century City money shop Kayne Anderson Capital Advisors, according to a report from Bloomberg.

Ares has $87 billion under management and owns majority stakes in consumer goods firms including Dallas luxury department store chain Neiman Marcus Group and Commerce retailers 99 Cents Only Stores and Smart & Final Stores Inc. Kayne Anderson manages $29 billion, much of it invested in the oil and gas industry. The deal would be paid for in a combination of cash and stock and no purchase price was reported.

An Ares spokesman said the firm’s policy is not to comment on market rumors or any potential action it might be contemplating. A Kayne Anderson spokesman declined to comment.

Both firms’ chief executives, Tony Ressler at Ares and Ric Kayne at Kayne Anderson, appeared on the Business Journal’s most recent list of Wealthiest Angelenos. Ressler placed 35th, with an estimated net worth of $1.6 billion, while Kayne finished No. 49, at $1.2 billion.

Ares’ shares were up 4 percent to $20.05 in mid-day trading.