Sep 29, 2009
Pacific Century of Hongkong (AIG Investments)
zyakaira notes: Richard Li has resurfaced after a very long time having been in the limelight in the late 90s for accelerating Pacific Century Group while Hong-Kong was readying for handover to China
As reported by Veena Gupta of Blackstone at Toostep.com
The American International Group, Inc. (AIG) has sold its investment advisory and asset management business to Richard Li’s Pacific Century Group (PCG) which is a Hong Kong-based private investment firm. The unit has been acquired for $500 million, which includes a cash payment of approximately $300 million at closing and additional future consideration that includes a performance note and a continuing share of carried interest.
Our own Religare Enterprises India had partnered with Australian banking giant Macquarie to bid for the unit, but then it didn’t happen. AIG has been looking to sell its non-core businesses after it took the government bailout. The sale of the unit is to pay back the $185 billion of government bailout money, and just last month MphasiS Ltd acquired the India-based information technology (IT) services and solutions arm of AIG.
The units being sold operate in 32 countries and manage approximately $88.7 billion of investments of institutional and retail clients across a variety of strategies, including private equity, hedge fund of funds, listed equities and fixed income. AIG is retaining its in-house investment operation that oversees approximately $480 billion of assets.
AIG’s private equity arm has also been active in India for a long time. Some of its investments include Avasarala Technologies, which manufactures components for nuclear reactors used in the generation of electricity, Firepro Systems which is a building systems integrato and Cafe Coffee Day and many others. AIG also has two insurance JVs with India’s Tata group – Tata AIG Life and Tata AIG General Insurance.
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