Skip to content
Subscriber Only

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
Bloomberg business news

Inside AIG's Sweeping Overhaul

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.”