AIG Reported Close to Sale of Asset Management Unit

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)