AIG completes $277M sale of PineBridge Investments

已有223人閱讀2010-04-02 21:46標籤:天工

On Monday March 29, 2010, 11:13 am EDT
NEW YORK (AP) -- American International Group Inc. said Monday it completed the sale of its Pinebridge Investments asset management business to Asia-based investment firm Pacific Century Group for $277 million in cash.

Pacific Century also will pay AIG additional monies based upon performance and in the form of carried interest.

The divested business, based in New York, has more than 900 employees operating in 31 countries. It manages about $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.

AIG will continue to manage about $509 billion worth of assets as part of its internal investment operation.

Separately, Pinebridge said CEO Win J. Neuger and the current management team will continue to lead the company.

"PCG's extensive network in Asia complements our existing global reach, and their strong financial position benefits our future plans for growth," Neuger said.

AIG, the world's largest insurer before it nearly collapsed amid the financial crisis, has been selling assets to repay some of the $182 billion bailout package it received from the government. This month it agreed to sell its American Life Insurance Co. division to MetLife Inc. for $15.5 billion and its Asia-based life insurer, AIA Group, to Britain's Prudential PLC for $35.5 billion.

With those sales, AIG will be able to slash its outstanding government debt of $129.3 billion to about $78 billion. The government also plans to sell shares it holds in AIG to recoup some of its investment.

AIG shares fell 15 cents to $34.06 in morning trading.

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