American International Group Inc. is close to selling its asset management business to a group that includes private equity firm Crestview Partners for $300 million to $400 million, a source familiar with the matter said Monday.
The source asked not to be named because the talks are private.
A deal for the business would come months after it was first put on the market. The unit had earlier attracted corporate and private equity buyers with initial bids coming in around $500 million, sources had said in February.
The final bidding consortium itself has seen changes. Last month a source said that U.S. asset manager Franklin Resources Inc had dropped out of the group.
AIG’s unaffiliated client assets under management, including retail mutual funds and institutional accounts, were $63.5 billion as of March 31.
AIG and Crestview declined to comment.
(Reporting by Paritosh Bansal, Editing by Phil Berlowitz)
Topics AIG
Was this article valuable?
Here are more articles you may enjoy.
Former CEO of Nonprofit P/C Statistical Agent Sentenced for Stealing Millions 
Stepbrother Suspect in Cruise Ship Death Says He Doesn’t Remember Anything 
Board Calls for US Steel to Address Safety Issues as It Rebuilds Site of Fatal Explosion 
Senators Launch Probe Into Demotech’s Ratings in Florida 
