Singapore's Temasek Holdings and Pacific Century Group, run by investor Richard Li, are said to be among the financial backers considering participating in a group led by Franklin Templeton Investments that is in exclusive talks to buy

American International Group's

(AIG) - Get Report

asset-management business, a report says.

The AIG Investments unit, which manages about $85 billion in assets for pension funds and insurance companies, is expected to be sold for about $500 million, the

Wall Street Journal

reports, citing people familiar with the situation. A deal could be completed by the end of June.

Securing the backing of the two prominent Asian investors could help strengthen the offer by Franklin Templeton and New York-based private-equity firm Crestview Partners, the



Li is the son of one of Asia's richest men, Li Ka-shing, and the chairman and largest shareholder of Hong Kong fixed-line telephone operator



It was previously reported that Australia's


and India's


, which formed a joint venture to compete for the AIG division, will re-enter the bidding if AIG's negotiations fall through with Franklin Templeton and Crestview Partners. Franklin Templeton is owned by

Franklin Resources

(BEN) - Get Report


AIG has been trying to sell many of its assets to help it repay the $182.5 billion in financial support it has received from the U.S. government since September.