Greenberg checks up on AIG's fiscal health

Ex-AIG chief Maurice R. Greenberg and his investment firm have retained Perella Weinberg Partners LP to review their stake in the New York-based insurer. Perella Weinberg will act as exclusive financial adviser to Mr. Greenberg’s firm, C.V. Starr, on AIG’s business operations and financial condition, according to a filing with the Securities and Exchange Commission. The boutique investment bank will also provide C.V. Starr with a written analysis of AIG’s value. Although Mr. Greenberg’s firm noted that it doesn’t have a plan to sell all or a “substantial part” of its share, it will assess its holdings of the stock after the review is over. The value assessment of AIG follows a series of moves by C.V. Starr: Last week, the firm and some affiliated shareholders said in an SEC filing that they would not make a tender offer for the insurer, nor would it start a proxy fight. In that filing, the investors also said that they would recruit an investment bank to evaluate their investment in AIG. Last November, Mr. Greenberg and the firm said in an SEC filing that they were “considering and evaluating strategic alternatives” to maximize their investment. They also said they believed there were opportunities to “significantly improve” AIG’s strategic direction and performance.