Compelo Insurance is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

AIG To Sell Asset Management Business

Retaining its in-house investment operation

American International Group (AIG) has entered into an agreement to sell a portion of its investment advisory and asset management business to Bridge Partners, a company owned by Pacific Century Group (PCG), a Hong Kong-based private investment firm. AIG is retaining its in-house investment operation that oversees approximately $480 billion of assets under management.

The transaction, with purchase price of approximately $500m, consists of a cash payment of approximately $300m, and additional future consideration that includes a performance note and a continuing share of carried interest, said the company.

Alain Karaoglan, senior vice president of Divestiture, AIG, said: “After conducting an extensive and rigorous auction process, we concluded that this transaction provides fair value for AIG and achieves the greatest long-term stability and potential for the business, its clients, business partners and employees.”

Win Neuger will continue as CEO of the new business and the existing management team will remain in place. Monika Machon will continue in her role as senior vice president and chief investment officer of AIG, overseeing AIG’s investment operation.