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AIG to sell asset management business

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American International Group has agreed to sell a portion of its investment advisory and asset management business to Bridge Partners, a company owned by Hong Kong-based private investm

American International Group has agreed to sell a portion of its investment advisory and asset management business to Bridge Partners, a company owned by Hong Kong-based private investment firm Pacific Century Group.

AIG is retaining its in-house investment operation that oversees approximately USD480bn of assets under management.

The purchase price of approximately USD500m consists of a cash payment of approximately USD300m at closing, plus additional future consideration that includes a performance note and a continuing share of carried interest.

‘After conducting an extensive and rigorous auction process, we concluded that this transaction provides fair value for AIG and achieves the greatest long-term stability and potential for the business, its clients, business partners and employees,’ says Alain Karaoglan, AIG senior vice president – divestiture.

The units being sold operate in 32 countries and manage approximately USD88.7bn of investments of institutional and retail clients across a variety of strategies, including private equity, hedge fund of funds, listed equities and fixed income. Win J. Neuger will continue as chief executive officer of the new business and the existing management team will remain in place.

Monika M. Machon will continue in her role as senior vice president and chief investment officer of AIG, overseeing AIG’s investment operation.

UBS Investment Bank acted as financial adviser to AIG and Perella Weinberg Partners acted as financial adviser to Pacific Century Group on this transaction. Debevoise & Plimpton served as legal adviser to AIG.

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