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American International Group, Inc. (ÌìÃÀÍøÕ¾´«Ã½´«Ã½) has closed the sale of a portion of its asset management business to Pacific Century Group, an Asia-based private investment firm. ÌìÃÀÍøÕ¾´«Ã½´«Ã½ will continue to manage approximately $509 billion of assets as part of its internal investment operation.

Pacific Century Group paid $277 million in cash at closing, and ÌìÃÀÍøÕ¾´«Ã½´«Ã½ expects to receive additional future consideration in the form of a performance note and a continuing share of carried interest.

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.

Source: ÌìÃÀÍøÕ¾´«Ã½´«Ã½