BlackRock selected as strategic partner for AIG

American International Group (AIG) has entered into a strategic partnership with BlackRock whereby the company will manage certain AIG life and retirement assets.

AIG is a global insurance organisation, its members companies provide a range of property and casualty insurance, life insurance, retirement solutions and other financial services across 70 countries.

BlackRock, a fiduciary to investors and a provider of financial technology, said its purpose it help more people experiences financial well being.

The arrangements contemplate BlackRock managing up to $60bn of the global AIG investment portfolio and up to $90bn of the life and retirement investment portfolio. Additionally, BlackRock’s Aladdin platform will provide investment management technology for both AIG and its life and retirement portfolio.

Peter Zaffino, chairman and CEO of AIG, said, “Partnering with an asset manager like BlackRock represents a continuation of our strategy to work with world class organisations as we deliver on excellence at AIG.

“BlackRock has an outstanding performance track record and world class risk analytics through its Aladdin platform. BlackRock’s global scale makes this a significant long-term value creation opportunity for our stakeholders. This is another important milestone as our momentum continues toward the separation of our life and retirement business and future state of AIG.”

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