If American International Group Inc. (NYSE:AIG) doesn't sell its broker dealer unit -- AIG Advisor Group -- by year's end, the insurer may not have much of a staff at the unit it's trying to divest. More than a half of the unit's staff reportedly is looking to leave, partly if a buyer is not found by year's end, according to the New York Post.
The sale of AIG Advisor Group has been dragging along since April when division CEO Arthur Tambaro said final talks with a potential buyer had been reached. The Post reports one hitch of a deal could be the alleged withdrawal of financing by mutual fund company Fidelity Investments for an unnamed bidder. A delayed deal by a financing withdrawal shouldn't be surprising since lenders have heightened their borrowing standards in the wake of the credit market implosion just a few months ago.
AIG has been working to repay its massive $180 million debt to Uncle Sam. So far, the insurer is a long way from its goal, raising about $6.7 billion from asset sales, according to Bloomberg. Those asset sales include:
- Gerald Magpily
See New York Post reference via Reuters
See Bloomberg article
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