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AIG files to float its life insurance and asset management business

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to separate its general insurance and life businesses. But management changed its mind a few years later.

More pension funds, endowments and insurers are turning to these types of arrangements, often dubbed “outsourced chief investment officer” deals. They allow the asset owners to tap outside investing expertise and potentially cut costs by handing regulatory and operating responsibilities to a larger fund manager, such as BlackRock.

AIG previously agreed to hand off management of up to $92 billion in life and retirement assets to Blackstone at the time the latter took its stake in SAFG.

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