AIG Seeking To Sell Global Asset Management Arm - Sources

American International Group Inc. (AIG) is seeking to sell its global asset-management unit AIG Investments, two people familiar with the situation said Tuesday.

The people said Swiss investment bank UBS AG (UBS) has been mandated to handle the sale.

AIG Investments manages US$210 billion in assets, said one person who had seen the invitation for bids. That amount is substantially lower than the US$676 billion as of end-September last year that AIG earlier reported.

The deadline for bids was originally Feb. 5, but it has been pushed back to Feb. 12 so that potential buyers can look at the full-year results of the company, the person said.

Another person said the insurer is also talking to Asian buyers.

AIG Investments provides services in asset management, with capabilities in equity, fixed income, hedge funds-of-funds, and private equity. According to its Web site, it employed more than 2,100 people in 46 offices around the world as of June 30, 2008.

-By Amy Or, Dow Jones Newswires; 852-2832 2335; [e-mail]

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary. You can use this link on the day this article is published and the following day.