|AIG GLOBAL INVESTMENT GROUP ACQUIRES PRIVATE EQUITY ASSETS OF DRESDNER BANK INSTITUTIONAL RESTRUCTURING UNIT|
NEW YORK--March 24, 2005--AIG Global Investment Group (AIGGIG), whose member companies are subsidiaries of American International Group, Inc. (AIG), today announced the acquisition of the private equity assets of Dresdner Bank's Institutional Restructuring Unit (IRU). Dresdner Bank is a wholly owned subsidiary of Allianz AG.
"The agreement with Dresdner represents an extension of AIGGIG's global private equity business, which has total assets under management of more than $15 billion across all major capital markets," commented David B. Pinkerton, Managing Director, Head of Developed Markets Alternative Investments, AIG Global Investment Group. "Today's transaction will provide AIGGIG with an expanded window on both new fund and continuing co-investment opportunities."
Under the terms of the sale, AIGGIG companies, on behalf of certain of their clients, have acquired the Dresdner private equity limited partnership interests in approximately 150 funds. Of these interests, approximately two-thirds of the partnerships are based in the United States with the balance in Europe and Asia. The acquisition involves approximately EUR 1.1 billion in total limited partnership commitments.
"This transaction is a prime example of our ability to strategically execute upon secondary portfolios," added Harvey Lambert, Vice President, AIG Global Investment Group.
AIGGIG was represented in the transaction by an international team of advisors, including Winchester Capital, and the law firms of Sidley Austin Brown & Wood LLP and CMS Hache Siegel.
AIG Global Investment Group (AIGGIG) comprises a group of international companies that provide investment advice and asset management products and services to clients around the world. Services and products are provided by one or more investment management subsidiaries of American International Group, Inc. AIGGIG has more than 1,500 employees located in 40 offices around the world including New York, London, Hong Kong, Tokyo, Toronto and Zurich.
American International Group, Inc. (AIG) is the world's leading international insurance and financial services organization, with operations in more than 130 countries and jurisdictions. AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In the United States, AIG companies are the largest underwriters of commercial and industrial insurance and AIG American General is a top-ranked life insurer. AIG's global businesses also include retirement services, financial services and asset management. AIG's financial services businesses include aircraft leasing, financial products, trading and market making. AIG's growing global consumer finance business is led in the United States by American General Finance. AIG also has one of the largest U.S. retirement services businesses through AIG SunAmerica and AIG VALIC, and is a leader in asset management for the individual and institutional markets, with specialized investment management capabilities in equities, fixed income, alternative investments and real estate. AIG's common stock is listed in the U.S. on the New York Stock Exchange and ArcaEx, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.