About half a dozen bidders have emerged for American International Group's asset management business, according to people familiar with the matter. But the sale of the $100bn (€75.4bn) portfolio has become complicated by client withdrawals and declines in asset prices.

The auction is for the piece of AIG Investments that handles outside asset management for pension funds, insurance companies and wealthy individuals. The division's portfolio consists of a wide range of investments, including private equity stakes, hedge fund interests and stocks and bonds.