AIG Investments AIG Global Emerging Markets Fund II made an equity investment in a new joint venture, Blue Intercontinental Micro Finance Bank, a Nigerian-based microfinance institution, an AIG spokeswoman said. The deal closed Wednesday, she said.
AIG Investments owns 10% of the joint venture; Blue Financial Services owns 55%; and Intercontinental Bank owns 35%. AIG Investments is a shareholder in Blue Financial and Intercontinental Bank. Terms of the deal were not available.
Separately, Michael Chae joined AIG Investments as director of alternative investments, Japan, on Monday, said an AIG spokeswoman. It is a new position.
Mr. Chae reports to Stewart Homler, managing director of alternative investments, Japan, who joined the firm a year ago. Mr. Chae was a director in Nikko Citigroups fixed-income group.