(From The American Lawyer)
To repay loans to the federal government, taxpayer-supported AIG has sold off another piece of its business--this time to the son of a billionaire in Hong Kong.
The insurer announced over the weekend that it had reached an agreement to sell its external fund management business, called AIG Investments, to Pacific Century Group for $500 million in cash and other considerations, including future interest payments from the managed funds.
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