AIG Completes Sale of PineBridge Investments

Hong Kong-based Pacific Century Group has paid $277 million in cash for the portion of AIG's asset management business.

AIG (New York) has closed the sale of a portion of its asset management business to Hong Kong-based Pacific Century Group.

Pacific Century Group paid $277 million in cash at closing, and AIG expects to receive additional future consideration in the form of a performance note and a continuing share of carried interest, according to an AIG source.

The divested portion of the asset management business has been branded as PineBridge Investments and operates in 31 countries. PineBridge Investments manages approximately $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.

Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio