By Michael Dabaie

 

American International Group Inc. has entered a partnership with BlackRock Inc. for some liquid fixed income and private placement assets to be managed by BlackRock.

Insurance company AIG said the arrangements contemplate BlackRock managing up to $60 billion of the global AIG investment portfolio and up to $90 billion of the Life & Retirement investment portfolio. Additionally, BlackRock's Aladdin platform will provide investment management technology for both AIG and Life & Retirement.

AIG will implement the arrangements with BlackRock in phases across AIG's global operations.

"For Life & Retirement, the partnership with BlackRock creates both strategic and operating flexibility as we reposition asset management and prepare the business to be a standalone company," said AIG Chief Executive Peter Zaffino.

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

March 28, 2022 10:08 ET (14:08 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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