AIG Global Real Estate, a unit of American International Group (AIG), New York, is planning to divest its fund management business. This unit operates 15 existing fund programs with over $12.4 billion in assets under management and $5.2 billion in equity capital commitments as of Sept. 30.

The fund management business is a global asset advisor based in New York with regional operations in Europe, Japan, Latin America and Asia and includes committed equity capital that has been funded or is to be funded by GRE as a sponsor or co-investor.

Bank of America and Merrill Lynch, GRE's financial advisors, have begun to solicit interest for the fund management business.

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