|AIG GLOBAL INVESTMENT GROUP RECEIVES APPROVAL TO ESTABLISH REPRESENTATIVE OFFICE IN TIANJIN|
NEW YORK & BEIJING, Mar 21, 2007 -- American International Group, Inc. (AIG) today announced that its AIG Global Investment Group (AIGGIG), part of AIG's asset management operations, has received approval to set up a representative office in Tianjin, China. This representative office will be the first AIG affiliate entity in Tianjin.
The Tianjin representative office will liaise with the Tianjin Government and the local business community to explore business opportunities for the AIG companies in Tianjin and China as well as investment opportunities for local institutions in China and overseas. It is AIGGIG's second representative office in China, the first having been established in Shanghai in 2002.
Following a meeting with the Mayor of Tianjin, Dai Xianglong, AIG President and Chief Executive Officer Martin Sullivan said, "Tianjin has undergone rapid development in recent years and is today the third largest city in China in per capita GDP terms, after Beijing and Shanghai(1). The establishment of the Tianjin representative office is another significant milestone for AIG, opening up a range of investment opportunities in a burgeoning market. We appreciate the support of the Tianjin government in the establishment of the representative office, and look forward to being able to contribute to the continued economic growth and success of Tianjin and China."
Kevin Chen has been appointed Chief Representative of the Tianjin Representative Office.
(1) Source: Statistical data from the National Bureau of Statistics of China
AIG Global Investment Group (AIGGIG) is a worldwide leader in asset management, with extensive capabilities in equity, fixed income, multi-manager hedge funds, private equity, and real estate. AIGGIG manages more than $670 billion of AIG affiliated assets, and employs over 1,800 professionals in 44 offices around the world as of December 31, 2006. Total assets under management include approximately $563 billion of AIG affiliated assets. AIGGIG comprises a group of international companies which provide investment advice and market asset management products and services to clients around the world. The member companies of AIGGIG are subsidiaries of American International Group, Inc. (AIG).
American International Group, Inc. (AIG), world leaders 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 London, Paris, Switzerland and Tokyo.
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