Linklaters tipped to win mandate for AIG’s float of AIA in Asia

Linklaters is emerging as a frontrunner to win the mandate advising on the IPO of AIG’s Asian life assurance arm.

The magic circle firm will take part in a beauty parade to advise on the deal, which AIG hopes will raise between $5bn (£3.27bn) and $10bn through the IPO of American International Assurance (AIA) in Asia.

In February, Linklaters Hong Kong partner Chris Kelly led a team advising AIG on the sale of its consumer finance business in Asia to Ayudhya. Allen & Overy partner Suparek Auychai advised Ayudhya on the acquisition.

Linklaters declined to comment on the deal, but a source close to the firm said: “Counsel for the AIA IPO is yet to be decided. There’s a process and we expect there to be a beauty parade.”

Several firms have won instructions from AIG since it was bailed out by the US government in September 2008.

Since then the insurance company has established a global steering group comprised of AIG executives and private practice firms advising on the sale of aspects of the business.

Sullivan & Cromwell and Weil Gotshal & Manges are both part of the steering group. Weil New York partner Michael Aiello is one of the partners representing the firm on the steering group.