American International Group Inc agreed on Saturday to sell a part of its asset management business to Hong Kong tycoon Richard Li's Pacific Century Group for about $500 million, after an auction process that dragged on for months. AIG, which was bailed out by the US government last year, said it will get $300 million in cash at closing and a future consideration that includes a performance note and a continuing share of carried interest.
Bridge Partners LP, a company owned by the Hong Kong-based private investment firm will buy the unit. The business manages about $88.7 billion of investments of institutional and retail clients across a variety of strategies, including private equity, hedge fund of funds, listed equities and fixed income.