AIG Sells Portion of Asset-Management Business

American International Group (AIG) has agreed to sell part of its investment advisory and asset-management business to Bridge Partners, a subsidiary of Hong Kong-based private investment firm Pacific Century Group.AIG said in a news release it is retaining an in-house investment operation that oversees $480 billion of assets under management.The purchase price of about $500 million includes about $300 million cash, a performance note and a continuing share of carried interest, AIG said in a release.The sale is part of the insurance giant's continuing efforts to shed assets not directly tie...