After almost a year in federal receivership, in which chunks of the giant corporation have been sold off, American International Group (AIG) has ended negotiations to sell its Advisor Group of independent broker/dealers. The group had been on the market for roughly 10 months.
The change of plans can be attributed directly to the change of CEOs, according to a letter sent to advisers by the Advisor Group management team Monday evening. New CEO Bob Benmosche, who has been charged with resuscitating AIG, wants to retain the entire AIG Retirement Services group, including the Advisor Group, the letter says. Benmosche "understands, appreciates, and is enthusiastic about our desire to build a world-class financial advisory business," according to the letter.