AIG Fund Management will acquire two investment funds currently being administered by another firm, Swiss Life, pending Swiss regulatory approval, Reuters reports. AIG says this move will expand its asset management business.
Swiss Lifes Profitline BestSelect Equity and Profitline BestSelect Mixed will be renamed AIG BestSelect Equity and AIG BestSelect Mixed, as they fall under the AIG Private Bank umbrella.
With this acquisition, AIG now has a total of 21 funds registered for distribution in Switzerland. According to the company, it "will not impose minimum commission or custody fees on the purchase of additional AIG funds. People under the age of 18 can invest in the funds free of charge."
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