Singapore-based Temasek Holdings and Pacific Century Group are likely to back Franklin Templeton Investments and Crestview Partners in the acquisition of AIG’s asset-management business.
The move will help bolster the offer made by the consortium led by Franklin Templeton to buy AIG Investments unit. The acquisition worth about $500 million is likely to complete by the month end.
The divestiture of asset management business is a part of AIG’s efforts to repay the $182.5 billion financial support received from the US government. AIG’s asset management unit manages assets worth $85 billion for pension funds and insurance companies.
Franklin Templeton is a US-based fund manager while Crestview Partners is a private equity firm.