A joint acquisition of AIG Investments would make sense for Macquarie Group and its Indian rival Religare Enterprises and would help Macquarie diversify its revenue base, Lincoln Indicators chief executive officer Elio D'Amato said.
Macquarie and Religare are in talks to purchase AIG Investments, a media report said without identifying sources.
The teaming up of the two lead bidders for AIG Investments has led to a downward revision in the bid amount, the report said. Religare was willing to offer US$700 million and Macquarie up to US$500 million. The revised joint bid is below US$500 million, it said.
A separate report said Franklin Resources and Crestview Partners LP were also in joint talks to buy AIG's investment unit.
"Macquarie's challenge will be to identify new channels of future growth, and while one door is shut in terms of investment banking activities, another one opens," D'Amato said.
"So from a logical perspective, an acquisition of AIG Investments would be sensible for Macquarie and would help it increase its global footprint following the demise of large competitors in recent months."
AIG Investments parent, the insurer AIG, is presently in various stages of discussions with respect to other potential transactions, as the group continues to move forward with restructuring efforts in order to serve the best interests of AIG and its constituents, AIG chief executive Edward Liddy said on 11 May.
AIG has received multi-billion dollar bailouts from the US government amid the global financial crisis.
Macquarie Group declined to comment.
