AIG's Broker-Dealer Arm Still Attached

Submitted by Melissa Hoffmann on Wed, 06/24/2009 - 15:45

American International Group was planning to sell its broker-dealer business, AIG Advisor Group, but some speed bumps threaten to derail the efforts.

The uncertainty has already led to some departures among AIG Advisor’s 6,000 employees, with one expert estimating to a New York Times blogger that 10 percent to 20 percent of its representatives had already left the company.

Division CEO Arthur Tambaro reportedly said in April that AIG was in final discussions with a potential buyer. But two months later, no deal has been struck.

Two sources told the New York Post that mutual-fund company Fidelity Investments considered providing financing for an unnamed bidder, but backed out. Fidelity declined to comment to the paper.

Bookmark/Search this post with:

The New York State Society of Certified Public Accountants (NYSSCPA) encourages you to add a comment to this discussion.  You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law.  Please note that NYSSCPA reviews all comments prior to posting. NYSSCPA may edit comments for clarity or to keep out questionable or off-topic material.  All comments should be relevant to the post and remain respectful of other authors. To view the full “NYSSCPA Blog Terms and Conditions,” click here.