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AIG Seeks to Redeem $4.1 Billion From Hedge Funds After Loss

  • CEO shifts bets to highly rated debt, commercial property
  • Proceeds from redemptions are already $1.2 billion, CFO says
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AIG CEO Hancock: Exiting Hedge Funds as Lock-Ups Expire

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American International Group Inc., the insurer burned by losses on hedge funds, has submitted notices of redemption for $4.1 billion of those holdings through the end of the first quarter.

“As of today, we have received $1.2 billion of proceeds from those redemptions,” Chief Financial Officer Sid Sankaran said Tuesday in a conference call discussing results at the New York-based insurer.