(Reuters) – Insurer American International Group Inc said BlackRock Inc, the world’s largest asset manager, will manage $60 billion of its global investment portfolio and up to $90 billion of assets on behalf of its life and retirement business.
BlackRock will manage certain liquid fixed income and private placement assets according to the deal, which comes less than a year after AIG announced plans to use an initial public offering (IPO) to sell part of its life and retirement business.
In July, AIG had sold a 9.9% equity stake in the unit, which sells insurance and annuities, to Blackstone Inc for $2.2 billion.
BlackRock’s Aladdin platform will provide investment management technology for both AIG as well as the life and retirement unit, the insurer said.
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amy Caren Daniel)
