AIG Financial Products Corp. Announces Investment in Aspect Capital
Monday, February 6, 2006 : PermalinkAIG Financial Products Corp. (AIG-FP), a member company of American International Group (AIG), today announced that it has taken a 4.3% equity stake in Aspect Capital Limited a leading London-based hedge fund. In addition, AIG-FP announced that it provided US $75 million in capital to Aspect’s investment programs.
According to the terms of the transaction, which closed on January 24th, AIG-FP, which is part of a group that includes Banque AIG, will retain the option to acquire up to an additional 8% stake in Aspect Capital and to provide $125 million in additional seed capital for Aspect Capital investment programs and strategies in the future.
“We are excited by the prospect of deepening our relationship with Aspect’s team of high-quality fund managers and businesspeople who possess a long-term outlook and strong business acumen,” said Joe Cassano, President of AIG-FP. “I am confident that AIG-FP’s strong stable of products and services in the hedge fund sector and investment portfolio in excess of $50 billion as of December 31, 2005 position us well to be strategic partners for alternative investment firms of Aspect’s caliber in the future.”
Anthony Todd, Chief Executive of Aspect Capital, said “AIG Financial Products is an exceptionally smart and unique firm, and we are excited to partner with them. Aspect can benefit enormously from AIG-FP’s successful business model, innovative approach and impressive balance sheet as we continue to develop into one of the most dynamic, genuinely diversified, performance-led firms in the hedge fund industry.”