Deals
AIG CEO Blames Obama Retirement Rule for Broker-Dealer Exit
- Hancock says rule was a ``big factor'' in selling business
- Proposal could have ``chilling effect'' on sales, analyst says
Inside AIG's Sweeping Overhaul
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A U.S. proposal for stricter rules on retirement-product sales helped spur American International Group Inc.’s decision to sell its broker-dealer operation, according to Chief Executive Officer Peter Hancock.
“It’s a business we are not the best owner of, particularly in the light of potential Department of Labor rules,” Hancock said Tuesday in a conference call updating investors on AIG’s strategy. “With the new DOL rules, that was a big factor in thinking whether this was better owned by somebody independent of us.”