American International Group, Inc. (AIG) has closed the sale of a portion of its asset management business to Pacific Century Group, an Asia-based private investment firm. AIG will continue to manage approximately $509 billion of assets as part of its internal investment operation.
Pacific Century Group paid $277 million in cash at closing, and AIG expects to receive additional future consideration in the form of a performance note and a continuing share of carried interest.
The divested portion of the asset management business has been branded as PineBridge Investments and operates in 31 countries. PineBridge Investments manages approximately $87.3 billion of assets for institutional and individual clients across a variety of asset classes, including private equity, hedge funds of funds, listed equities and certain fixed income strategies.
Source: AIG
Was this article valuable?
Here are more articles you may enjoy.
Intersecting Risks and the Future of Construction Insurance 
IMA Latest to Sue Howden Over Alleged Employee Poaching 
‘We’ll Want Some Proof’: State Farm CEO’s Take on NY Auto Insurance Reforms 
Ship Insurers Set for Major Claims From Iran War, Allianz Says 
