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AIG Sells PineBridge Investments

Yesterday, American International Group Inc.  announced that it has completed the sale of a part of its asset management business, PineBridge Investments, to Asia-based private investment firm, Pacific Century Group, for $277 million. 

PineBridge Investments operates in 31 countries and manages assets of about $87.3 billion for both institutional and individual investors. 

In addition to the $277 million received in cash at closing, AIG expects to receive a performance note and a continuing share of carried interest. As part of its internal investment operation, AIG will also carry on managing assets of about $509 billion. 

AIG, which received federal support worth $182.5 billion that helped prevent its collapse in September 2008, has been trying for the past several quarters to sell assets and streamline its operations in an effort to repay the bailout money. 

AIG has already struck two deals recently. It will sell its American Life Insurance Co. unit for about $15.5 billion to MetLife Inc.  and its Asian life-insurance unit, American International Assurance, to the U.K.'s Prudential Plc. for about $35.5 billion. Both the transactions are expected to close by the end of 2010. 

The company also raised around $452 million from its stake sale in the reinsurance company Transatlantic Holdings Inc. . Reflecting positive sentiments about the company, the shares of AIG increased 24 cents or 0.70% to $34.45 in Monday's regular session on the New York Stock Exchange.

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