(Bloomberg) -- A federal proposal for stricter rules on retirement product sales helped spur American International Group’s decision to sell its broker-dealer operation, according to CEO Peter Hancock.
“It’s a business we are not the best owner of, particularly in the light of potential Department of Labor rules,” Hancock said Tuesday in a conference call. “With the new DoL rules, that was a big factor in thinking whether this was better owned by somebody independent of us.”
Register or login for access to this item and much more
All Bank Investment Consultant content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access