Richard Li, the Hong Kong tycoon, has agreed to buy AIG's asset management operation for about $500m in a departure from his media-to-telecoms businesses.
Pacific Century Group, the investment vehicle wholly-owned by Mr Li, on Monday said: “[The AIG operation] suits our investment philosophy of making long-term investments in quality businesses.”
Mr Li, son of Li Ka-shing, Hong Kong's richest man, is a major shareholder and chairman of PCCW, the city's biggest fixed-line operator which is involved in a long-running court case over his attempt to take the company private. His other investments are in property and he owns the Hong Kong Economic Journal, a Chinese-language newspaper.
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