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
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
, 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
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.