AIG, the US insurance company, said yesterday it planned to become a leading global wealth manager and is targeting growth in Switzerland an...

AIG, the US insurance company, said yesterday it planned to become a leading global wealth manager and is targeting growth in Switzerland and Asia, as well as other countries and regions. Win Neuger, the global head of investments at the world’s biggest insurance company, said AIG aimed to rank among the world’s top 25 wealth managers, with at least $100 billion of assets under management. He added that the strategy would include acquisitions, but its main thrust would be organic. Growth in Switzerland and Asia would be targeted first, but the strategy was to also target Latin America, Eastern Europe, US and Japan. AIG said the plan reflected the need to develop new, high-growth, high-margin, activities alongside its core insurance business. The private banking strategy will be part of AIG's existing global investment group, which is the fifth-biggest institutional fund manager in the world, with $515 billion in assets under management. The drive will be spearheaded by Eduardo Leemann, head of AIG Private Bank in Zurich. He will step down from his current position to concentrate on the new initiative. Mr Leemann was instrumental in building up the the Swiss operations, which has grown substantially from its origins as a private wealth manager for AIG executives and now has 400 staff and $14 billion under management. AIG Private Bank also has offices in Hong Kong, Singapore and last year opened an office in Shanghai.