Insurer AIG says BlackRock will manage part of life and retirement unit's assets
Reuters
Published Mar 28, 2022 09:57AM ET
(Reuters) - Insurer American International Group Inc (NYSE:AIG) said BlackRock Inc (NYSE:BLK), the world's largest asset manager, will manage $60 billion of its global investment portfolio and up to $90 billion of assets on behalf of its life and retirement business.
BlackRock will manage certain liquid fixed income and private placement assets according to the deal, which comes less than a year after AIG announced plans to use an initial public offering (IPO) to sell part of its life and retirement business.
In July, AIG had sold a 9.9% equity stake in the unit, which sells insurance and annuities, to Blackstone (NYSE:BX) Inc for $2.2 billion.
BlackRock's Aladdin platform will provide investment management technology for both AIG as well as the life and retirement unit, the insurer said.
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Written By: Reuters
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