AIG finally divests part of asset management business


The process that AIG (AIG) has gone through to sell businesses to help pay back nearly $180 million in taxpayer aid has been slow and fairly unsuccessful. That changed some on September 5 as its divested part of its asset management operation for $500 million. That is still a drop in the bucket , but at least it is a start.

The company announced that it has an "agreement to sell a portion of its investment advisory and asset management business to Bridge Partners, L.P., a company owned by Pacific Century Group."