AIG sells part of asset management business
American International Group, Inc. (AIG) is to sell part of its investment advisory and asset management business to Bridge Partners, L.P.
The purchase price is approximately $500m including $300m cash at closing, as well as a performance note and a continuing share of carried interest.
AIG will, however, keep its in-house investment operation that supervises around $480bn of assets under management.
The firm’s Divestiture senior VP Alain Karaoglan explained the move had been made following a detailed auction process and was considered to offer value for AIG as well as the best possible option for the business itself, as well as clients and employees.
Since the US taxpayer supported AIG following the ramifications of the financial crisis the firm has embarked upon a widespread asset sales programme.
Last month the insurer sold off AIG Finance (Hong Kong) Limited to China Construction Bank, and earlier in the year it disposed of prime real estate in downtown Tokyo and its Indian-based IT services and solutions unit.
Category: Insurance News
Visited 1186 times, 1 so far today
Comments (0)
Trackback URL | Comments RSS Feed
There are no comments yet. Why not be the first to speak your mind.