BlackRock to manage AIG assets

American International Group Inc. AIG, -1.16% said Monday it reached an agreement with BlackRock Inc. BLK, +1.19% for BlackRock to manage liquid fixed income private placement assets valued up to $60 billion. BlackRock will also manage up to $90 billion of assets for AIG’s Life & Retirement business. The strategic partnerships “will provide both AIG and AIG’s Life & Retirement business with access to BlackRock’s world-class asset management capabilities and investment management technology, Aladdin,” AIG said. AIG chairman and CEO Peter Zaffino said the move fits AIG’s plan to separate its Life & Retirement business. Shares of AIG are up 12.4% so far in 2022, while BlackRock stock is down 18.7%.