American International Group said it is planning to sell its Fund Management Business, which is part of the AIG Global Real Estate (GRE) business unit.
AIG said the Fund Management Business operates 15 existing fund programs with over $12.4 billion in assets under management and $5.2 billion in equity capital commitments as of Sept. 30, 2008. The business is headquartered in New York with regional operations in Europe, Japan, Latin America and Asia.
Bank of America and Merrill Lynch, which are GRE's financial advisors, are soliciting interest for the Fund Management Business, AIG said.
Christina Pretto, AIG spokesperson, said the company had previously identified the Fund Management Business for divestiture and made its recent announcement to communicate that the business is now for sale.
She added it is too early to tell right now if anyone specifically is interested in purchasing the business, “although I think we anticipate strong interest.”
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