Richard Li buys AIG businesses for $500 million

Pacific Century Group, the business group owned by Hong Kong's Richard Li, will buy the investment advisory and asset management part of AIG Investments for $500 million. AIG Investments is a subsidiary of global insurance firm, American International Group AIG.

The acquisition will be made by Pacific Century's subsidiary Bridge Partners, a limited partnership. AIG will retain its in-house investment operation, which has assets under management of around $480 billion. Earlier this year media reported that Pacific Century was considering joining a Franklin Templeton Investments-led consortium to pursue the AIG assets, but the final deal does not involve any other strategic or financial investors, at least at this stage.

The acquisition price of...