Shares of New York-based American International Group, Inc. (AIG) advanced to $61.20 in midday trading Tuesday on an Investment News report saying the giant insurer plans to sell its Advisor Group unit. The report notes that AIG ‘s network of four independent broker-dealers [IBD] recently hired a law firm which will select an investment bank to begin discussions with interested buyers.
The AIG Advisor Group is one of the largest networks of IBDs in the country. The firm generated $1.33 billion in total revs in fiscal 2014.
Currently, more than 6 million AIG shares have changed hands, compared to the average daily volume of 8.91 million.
Shares in the $75.69 billion market cap company are up 13.83% year-over-year and off about 6% from their July 23, 2015, $64.93/52-week high.