American International Group has arranged for BlackRock Inc. to manage up to $60 billion of AIG’s global investment portfolio and up to $90 billion of its life and retirement investment portfolio. The arrangement involves certain liquid fixed income and private placement assets.
In addition, BlackRock’s Aladdin platform will provide investment management technology.
For the life and retirement business, the partnership creates strategic and operating flexibility “as we reposition the business to be a standalone company,” Peter Zaffino, AIG’s chairman and CEO, said in a release.
AIG announced last year that it planned to spin off its life and retirement unit.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
