AIG gets SEBI approval

New Delhi, Feb 15 (UNI) American International Group (AIG) today received regulatory approval from the Securities and Exchange Board of India (SEBI) to start its wholly owned asset management operations and mutual fund business in India.

The license for the same has been granted to AIG Global Asset Management Company (India) Pvt Ltd, a member company of AIG Global Investment Group, to act as the investment manager of AIG Global Investment Group Mutual Fund.

''Our vision is to create a world class asset manager in India that combines AIG Global Investment Group's global expertise with our local experience gained over the years,'' AIG Country Head and Chief Executive (India) Sunil Mehta said.

AIG now has presence in insurance, consumer finance, real estate development, aircraft leasing and now in asset management.

AIG is one of the largest, most financially strong and stable groups in the world with operations in more than 130 countries and jurisdictions.

Its global businesses include General Insurance, Life Insurance and Retirement Services, Asset Management and Financial Services.

AIG Global Investment Group (AIGGIG) is a worldwide leader in asset management, with extensive capabilities in equity, fixed income, multi-manager hedge funds, private equity and real estate.

UNI