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Washington - US insurance giant AIG announced on Saturday the sale of part of its investment advisory and asset management business to a subsidiary of Hong Kong-based Pacific Century Group for $500m
AIG said it would receive a cash payment of $300m under the agreement with Bridge Partners LP.
The insurance company said in a statement that it will continue to operate its in-house investment group, which currently oversees around $480bn in assets.
The units being sold to Bridge Partners operate in 32 countries and manage approximately $88.7bn in investments belonging to institutional and retail clients, AIG said in a statement.
AIG was the largest single recipient of US bailouts, with the government pumping more than $170bn into the firm in late 2008 to keep it afloat and taking a controlling stake in the group in the process.
The company was on the verge of collapse last year after backing trillions of dollars in risky financial products amid a home mortgage meltdown that triggered financial turmoil.
- AFP