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September 08, 2009 at 08:00 PM
American International Group Inc. has agreed to sell part of its investment advisory and asset management business to Bridge Partners L.P., an Asian investment firm.
Bridge Partners — a unit of Pacific Century Group Ltd., Hong Kong – has agreed to pay $300 million in cash at closing for the asset management operations along with up to about $200 million in future payments, according to AIG, New York.
The future consideration would be in the form of returns on a performance note and a continuing share of carried interest, AIG says.
The AIG operations involved in the deal operate in 32 countries and manage about $89 billion of investments for institutional and retail clients.
