NU Online News Service, Dec.17, 12:00 p.m. EST
PineBridge Investments, the renamed American International Group unit, has delayed its $500 million sale to Pacific Century Group for a month to provide more information to clients, a spokesman said.
Ryan O'Keefe, speaking for the New York-based firm, said the company's executive committee decided to seek the maximum level of client consent for the sale, which required more time to provide the needed information.
He said the postponement was decided on because of delays caused by the end-of-year crunch of business.
"Feedback [from clients] so far has been pretty favorable and many have requested additional documents and information" said Mr. O'Keefe,
AIG has been selling off assets to repay billions of government funds it accepted to keep the firm from collapse.
PineBridge, with 900 employees, is an advisor on multiple financial products with $89.7 billion in assets under management.
Pacific Century, backed by Hong Kong billionaire Richard Li, agreed in September to buy PineBridge.
The delay in the sale's completion was first reported by Bloomberg News.
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