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.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.