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AIG Curtails Event-Driven, Long-Short Bets at Hedge Funds

  • Hedge fund gains decline by 36 percent to $174 million
  • Insurer cites changing conditions, market opportunities
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AIG Announces $3B Stock Buyback

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American International Group Inc. reduced bets on event-driven and long-short strategies as the insurer scaled back hedge fund investments.

Event-driven holdings were cut 41 percent to $700 million, while investments in long-short declined 25 percent to $2.24 billion in the first half of the year, among the hedge fund assets measured at fair value as of June 30, the New York-based company said late Tuesday in a quarterly filing.