American International Group has received regulatory approval from the Securities and Exchange Board of India to start a wholly owned asset ...

American International Group has received regulatory approval from the Securities and Exchange Board of India to start a wholly owned asset management operations and mutual fund business in India. "AIG now has presence in insurance, consumer finance, real estate development, aircraft leasing and now in asset management (in India)," said Sunil Mehta, chief executive for India at AIG. AIG Managing Director Ravi Mehrotra said the Indian mutual fund industry has grown at a compound annual growth rate of more than 26 per cent in the last five years. AIG's asset management arm manages more than $670 billion in assets.