American International Group Inc. said BlackRock Inc. will handle as much as $150 billion in assets for the insurer.
BlackRock, based in New York, will manage as much as $60 billion of AIG's global investment portfolio, and as much as $90 billion of its life and retirement investment portfolio, according to a statement Monday.
Additionally, BlackRock's Aladdin platform will provide investment-management technology for both AIG and its life and retirement.
The New York-based insurer has been sharpening its focus on its core operations and making necessary preparations to split off its life and retirement business through an initial public offering.
"BlackRock's global scale makes this a significant long-term value creation opportunity for our stakeholders," AIG Chief Executive Officer Peter Zaffino said in the statement. "This is another important milestone as our momentum continues toward the separation of our life and retirement business and future state of AIG."
