Banking Business Review
Anonymous User | Login

AIG To Sell Its Asset Management Business

Published: 05-Sep-2009

The units being sold operate in 32 countries and manage approximately $88.7 billion of investments of institutional and retail clients

American International Group (AIG) has announced 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), the Hong Kong-based private investment firm. However, AIG intends to retain its in-house investment operation that oversees approximately $480 billion of assets under management.

Reportedly, the purchase price of approximately $500 million consists of a cash payment of about $300 million at closing, plus additional future consideration that includes a performance note and a continuing share of carried interest.

According to the company, the units being sold operate in 32 countries and manage approximately $88.7 billion of investments of institutional and retail clients across a variety of strategies, including private equity, hedge fund of funds, listed equities and fixed income.

It has added that 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.

Alain Karaoglan, senior vice president – 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.”

Mail sent successfully

Tell your friend about this article


Please enter a valid email address

Please enter your name

Please enter the mail body


Your Name: *
Your Email: *
Friend's Email: *
Email Body: *
 

Suppliers To This Sector

Browse A-Z

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Xenomorph

Data and Analytics Management ...

VASCO

Strong Authentication and e-Signature, Specialising in Online Accounts, Identities and Transactions ...

Turku

A Superb Location for Doing Business in Northern Europe ...

Trionis

A Single Connection to the World ...

Todos AB

Security for eBanking and eCommerce ...

Surecomp

Global Trade Finance Solutions ...

White Papers

Browse A-Z

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Use of Voice Biometrics in Smart Card Applications

Many organisations have implemented or are looking into smart card solutions. The objectiv ...

Tower Group Report: Global Exchange Consolidation

This 12-page TowerGroup report analyses the rapidly consolidating exchange market, examine ...

To Protect and Detect: An Evaluation of Compliance System Requirements for the Securities Market

Many financial services firms have been failing to comply with post MiFID Regulations and ...

The Value of Process Management in GRC

In this white paper, the value of Process Management in GRC is discussed. Four main aspect ...

The Value of a Comprehensive Integration Solution

Many enterprises are currently spending more on integration-related projects than they nee ...

The Role of Continuous Controls Monitoring and Auditing in GRC

A business in control is the starting point for most people in business. Without being in ...

Related Companies

American Financial Group, Inc.

American financial Group, Inc. (AFG) is the US based holding company. Through its subsi ...

Prudential plc

Prudential plc is the UK based financial service provider. The company, together with i ...

Berkshire Hathaway, Inc.

Berkshire Hathaway Inc. (Berkshire) is a holding company, which owns subsidiaries engag ...

American International Group, Inc.

American International Group, Inc. (AIG) is a holding company operating in the financia ...

The Hartford Financial Services Group, Inc.

The Hartford Financial Services Group, Inc. (The Hartford) is an insurance and financia ...

Suppliers Product News

Xenomorph TimeScape Helps Theoriem Cut Time Spent Managing Data by Up To 90%

Data management and analytics solution enables firm to formulate ideas in minutes.

Cassovia Rolls Out Complete Data Process with Xenomorph

Xenomorph TimeScape streamlines and enhances Cassovia's data management and analysis.

VASCO Data Security and MoadBus Partnering to Deliver Digital Signature for Mobile Banking and Mobile Cash Solutions

VASCO Data Security International Inc (Nasdaq: VDSI), a leading software security company specialising in authentication products, and MoadBus, a software products and services provider to the international financial sector, have announced they have joined forces to deliver digital signature on mobile banking and mobile cash solutions to joint customers.

KBC Securities Secures Bolero Customers with VASCO's DIGIPASS 270

VASCO Data Security International Inc (Nasdaq: VDSI), a leading software security company specialising in authentication, and KBC Securities, the largest brokerage company in Belgium, have announced that KBC Securities is using DIGIPASS® 270 to secure its Bolero customers. The introduction of DIGIPASS for Bolero customers coincides with the launch of the new Bolero website.

Free Newsletter Sign-up

Sign up, and we will send you a free Hang Seng Bank Limited - Financial and Strategic Analysis Review from GlobalData worth $750

Please enter a valid email address