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.
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