AIG Seeking To Sell Global Asset Management Arm - Sources
February 02 2009 - 9:56PM
Dow Jones News
American International Group Inc. (AIG) is seeking to sell its
global asset-management unit AIG Investments, two people familiar
with the situation said Tuesday.
The people said Swiss investment bank UBS AG (UBS) has been
mandated to handle the sale.
AIG Investments manages US$210 billion in assets, said one
person who had seen the invitation for bids. That amount is
substantially lower than the US$676 billion as of end-September
last year that AIG earlier reported.
The deadline for bids was originally Feb. 5, but it has been
pushed back to Feb. 12 so that potential buyers can look at the
full-year results of the company, the person said.
Another person said the insurer is also talking to Asian
buyers.
AIG Investments provides services in asset management, with
capabilities in equity, fixed income, hedge funds-of-funds, and
private equity. According to its Web site, it employed more than
2,100 people in 46 offices around the world as of June 30,
2008.
-By Amy Or, Dow Jones Newswires; 852-2832 2335;
amy.or@dowjones.com
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