AIG Closes Sale of Part of Investment Unit

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