The Treasury Department may name on Thursday as many as nine investment managers to operate funds that will buy toxic securities from financial institutions, according to reports.

The department received more than 100 applications from firms wanting to operate investment funds for the government. The list was narrowed down to 12 to 15, according to the

Wall Street Journal


Firms considered include


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Allianz SE's



TCW Group


Wellington Management

, although it isn't clear who made the final cut, the




also names billionaire investor Wilbur Ross and private investor Angelo Gordon as those that made the list.

The overall size of the

Public-Private Investment Program

may be far smaller than the $1 trillion that was initialIy intended to spur the bad-debt purchases, and may only end up requiring tens of billions of dollars,

reported Wednesday.