BlackRock seeking to manage up to $150B in AIG assets

In its latest partnership with private equity, insurance specialist American International Group has agreed to let BlackRock oversee up to $150 billion of its assets.

The world's largest asset manager, with nearly $10 trillion in AUM, will manage up to $90 billion of AIG's life and retirement investment portfolio and as much as $60 billion of its global investment portfolio.

The transaction isn't the life and retirement unit's first collaboration with PE. In July, Blackstone agreed to acquire a 9.9% stake in the AIG division for $2.2 billion in cash. The firm also entered a long-term asset management deal with the business, agreeing to manage an initial $50 billion of the unit's investment portfolio and up to $92.5 billion over the next six years.

Reports emerged last year that AIG is preparing its life and retirement business for an IPO.

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