GLOBAL - AIG Global Real Estate has put its fund management business for sale - a move that follows a US$85bn loan agreed with the US government in September 2008.
Bank of America and Merrill Lynch, AIG's financial advisors, have begun to solicit interest for the fund management business.
The business is headquartered in New York with regional operations in Europe, Japan, Latin America and Asia and includes committed equity capital that has been funded or is to be funded by the business as a sponsor or co-investor.
Earlier this month, UBS Investment Bank entered into a binding agreement to purchase the commodity index business of AIG Financial Products Corp, including AIG's rights to the DJ-AIG Commodity Index.
The purchase price for the transaction was US$15m, payable upon closing, and additional payments of up to US$135m over the following 18 months based upon future earnings of the purchased business.
In addition, AIG Life Insurance Company of Canada was sold to BMO Financial Group (BMO) for approximately C$375 million (US$307m).
In December, AIG agreed to sell its wholly owned subsidiary HSB, the parent company of The Hartford Steam Boiler Inspection and Insurance Company, to the Munich Re Group.
At the time, it was agreed Munich Re would acquire 100% of the outstanding shares of HSB Group for US$742m in cash and assume US$76m of outstanding HSB capital securities.
Industry experts are calling on the government to act quickly on new pensions dashboard legislation. The DWP is looking at how to do it amid Brexit constraints, writes Kim Kaveh.
An interactive and hands-free technology that allows savers to track how much they have invested into their retirement pots has been launched by Smart Pension.
The Lighthouse Pensions Trust has recorded an 84% surge in the number of employers signed up to its auto-enrolment (AE) provision.
Melrose Industries's UK defined benefit (DB) schemes had a £5.5m combined deficit at the end of 2016, its annual results have revealed.