ASIAN investors are scrambling to add their names to the consortium of buyers set to snap up AIG’s asset management unit, which is being sold as part of the insurer’s fire-sale to repay its US government bailout loans.<br /><br />Singapore’s Temasek and the Hong Kong tycoon Richard Li are close to joining a consortium, led by US fund manager Franklin Templeton, which is the front-runner to buy AIG’s asset management business for around $500m (£305m).<br /><br />The move by the two Asian-based investors would enable the consortium, which is in exclusive negotiations to buy the insurer’s asset management unit, to tap into the vast riches of the region’s fast-growing upper and middle classes.<br /><br />An alliance of Temasek, the investment fund controlled by the Singaporean government and Mr Li, the son of Li Ka-shing, Hong Kong’s richest man, would represent a rare grouping of players from two of Asia’s most fiercely competitive financial centres.<br /><br />A deal for the AIG arm, which has $85bn (£52bn) under management, is one of many sales being made by stricken AIG, and could be completed by the end of the month.<br /><br />AIG is also selling two buildings in New York, it emerged yesterday, including its headquarters at 70 Pine Street.<br /><br />Separately, AIG said it agreed to sell its consumer finance operations in Argentina for nearly $44m to Banco Galicia and an investment group led by Grupo Pegasus. Banco Galicia bought 80 per cent, with Pegasus taking the remaining 20 per cent.<br /><br /><strong>AIG: KEY BAILOUTS AND SELL-OFFS</strong><br /><strong>16 September 08</strong><br />Avoids bankruptcy thanks to an $85bn rescue that gives the US government a 79.9 per cent stake.<br /><br /><strong>3 October 08</strong><br />Announces plans to sell assets to repay its government debts.<br /><br /><strong>10 November 08</strong><br />Posts a record $25bn quarterly loss, hurt for the fourth consecutive quarter by writedowns on assets linked to subprime mortgages and capital losses. <br /><strong><br />10 November 08</strong><br />Gets $53.5bn toxic debt aid.<br /><br /><strong>22 December 08</strong><br />German insurer Munich Re set to buy HSB Group arm. <br /><br /><strong>26 January 09</strong><br />Takes on BoA and Merrill Lynch to help it sell off AIG Investments. <br /><br /><strong>2 March 09</strong><br />US Treasury and Fed make $30bn further aid available. <br /><br /><strong>9 April 09</strong><br />US Fed makes $5bn available for aircraft leasing arm bailout<br /><br /><strong>17 April 09</strong><br />Zurich Financial Services to buy its US Personal Auto Group.<br /><br /><strong>17 May 09</strong><br />American International Assurance arm faces sale to stock market.<br /><br /><strong>3 June 09</strong><br />Asian tycoons join fund arm bid.