BlackRock to Manage Some AIG Liquid Fixed Income and Private Placement Assets

By Michael Dabaie

American International Group Inc. has entered a partnership with BlackRock Inc. for some liquid fixed income and private placement assets to be managed by BlackRock.

Insurance company AIG said the arrangements contemplate BlackRock managing up to $60 billion of the global AIG investment portfolio and up to $90 billion of the Life & Retirement investment portfolio. Additionally, BlackRock's Aladdin platform will provide investment management technology for both AIG and Life & Retirement.

AIG will implement the arrangements with BlackRock in phases across AIG's global operations.

"For Life & Retirement, the partnership with BlackRock creates both strategic and operating flexibility as we reposition asset management and prepare the business to be a standalone company," said AIG Chief Executive Peter Zaffino.

Write to Michael Dabaie at [e-mail]

(END) Dow Jones Newswires

03-28-22 1008ET