AIG Global R/E Seeks Buyer for Fund Management Biz

AIG Global Real Estate has announced plans to divest its fund management business.

That business operates 15 existing fund programs with over $12.4 billion in assets under management and $5.2 billion in equity capital commitments as of September 30, 2008, according to the firm. The fund management business is a global asset adviser headquartered in New York with regional operations in Europe, Japan, Latin America, and Asia and includes committed equity capital that has been funded or is to be funded by GRE as a sponsor or co-investor, according to the company’s announcement.

Bank of America and Merrill Lynch, GRE’s financial advisers, have begun to solicit interest for the fund management business.

GRE’s Fund Management platform includes:

  • Global asset adviser for a diversified client base
  • Funds include core plus, value-add and opportunistic with consistently strong results
  • Diversified portfolios across asset class, geography, and vintage
  • Seasoned group of investment professionals