American International Group Inc. announced its third sale this month as the New York insurance company continued to shed units in an effort to raise capital.

On Monday, it announced it closed the sale of a portion of its asset management business to Pacific Century Group, an Asian private investment firm. AIG [AIG] will continue to manage approximately $509 billion of assets as part of its internal investment operation.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access