|AIG GLOBAL REAL ESTATE TO SELL FUND MANAGEMENT BUSINESS|
NEW YORK, Jan 26, 2009 -- AIG Global Real Estate ("GRE") announced today it plans to divest its Fund Management Business, which operates 15 existing fund programs with over $12.4 billion in assets under management and $5.2 billion in equity capital commitments as of September 30, 2008. The Fund Management Business is a global asset advisor headquartered in New York with regional operations in Europe, Japan, Latin America and Asia and includes committed equity capital that has been funded or is to be funded by GRE as a sponsor or co-investor.
Bank of America and Merrill Lynch, GRE's financial advisors, have begun to solicit interest for the Fund Management Business.
GRE's Fund Management platform includes:
-- Global asset advisor for a diversified client base
-- Funds include core plus, value-add and opportunistic with consistently strong results
-- Diversified portfolios across asset class, geography and vintage
-- Seasoned group of investment professionals
American International Group, Inc. ("AIG"), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
About AIG Global Real Estate
AIG Global Real Estate comprises a group of international companies that invest in and actively manage real estate for clients and AIG companies around the world. GRE's property portfolio includes over 53 million square feet of retail, residential, industrial, office and hospitality properties in more than 50 countries. GRE is headquartered in New York with over 35 regional offices.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
American International Group, Inc.
David Monfried, Restructuring Communications, 212-770-7205