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AIG planning a push into Indian wealth management

FWR Staff 12 December 2007

AIG planning a push into Indian wealth management

Private-client services one of four areas it sees as "market opportunities". New York-based insurance giant American International Group (AIG) is planning to launch wealth-management operations in India as part of a broader initiative to increase its presence in Asia's third-largest national economy.

Opportunistic

"Wherever there are market opportunities and regulations permit, we will bring our business," Sunil Mehta, country head for AIG in India, told Bloomberg last week. "We are looking at a few platforms for investing in Indian infrastructure."

In addition to wealth management AIG plans to enter the mortgage-guarantee, distressed-asset-recovery, and infrastructure-investment areas in India.

India, whose real GDP increased 8.8% in 2006, saw a 20.5% increase in its population of U.S.-dollar millionaires last year.

AIG already has 7,500 employees in India, where it's involved in managing money, developing property, leasing aircraft and providing life and general insurance. -FWR

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