Franklin Leads Bidders for AIG Asset Unit

Franklin Templeton Investments has emerged as the leading bidder for American International Group's(AIG Quote) asset-management business, reports say.

The AIG Investments unit, which manages about $85 billion in assets for clients including pension funds and insurance companies, is expected to go for about $500 million, well below the $800 million some suitors proposed paying just two months ago, the Wall Street Journal reports, citing people familiar with the matter.

A deal could be completed by the end of June, the newspaper reports. ...