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Insurer AIG says BlackRock will manage part of life and retirement unit’s assets -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The ticker information of insurance company American International Group Inc. (AIG), is shown on a screen just above the spot where the stock is traded at the New York Stock Exchange on November 4, 2015. REUTERS/Brendan McDermid

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(Reuters) – Insurer American International Group Inc. (NYSE:) announced that BlackRock Inc. (NYSE:), which is the largest global asset manager and $60 billion in its portfolio, will be managing assets of up to $90 Billion for its retirement and life business.

According to the agreement, BlackRock will handle certain liquid fixed income assets and private placement assets. This deal comes just one year after AIG declared plans to launch an initial public offer (IPO) in order to sell a portion of its retirement and life business.

AIG purchased a 9.9% share of the company, which offers insurance and annuities to Blackstone Inc (NYSE:) Inc in July for $2.2 billion.

BlackRock will offer investment management technology through Aladdin, which it said would be available for AIG as also the life and retirement units.

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