UPDATE 3-AIG gets ILFC bids, to shop asset mgt unit-sources

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By Paritosh Bansal

NEW YORK, Jan 12 (Reuters) - American International Group Inc (AIG.N), moving ahead with asset sales, has received the first round of bids for its aircraft leasing unit, and is expected to start shopping its asset management business soon, people familiar with the matter said on Monday.

AIG has received the first round of bids for its International Lease Finance Corp unit and the sale process is now in the early due diligence stage, the sources said, adding that the process is fluid and the timeline was unclear. The sale is being handled by investment bank Moelis & Co.

AIG has also retained UBS to sell its asset management business, and books are expected to go out shortly, possibly as early as this week, sources said.

The third-party asset management business rests within AIG Investments, which had $111.5 billion in client assets under management overall as of Sept. 30.

AIG declined to comment.

Last month, AIG agreed to sell its private banking unit, another business within its Asset Management group, to Abu Dhabi-based Aabar Investments PJSC AABAR.AD for $254 million.

AIG, once the world's biggest insurer by market value, averted bankruptcy in September with an $85 billion federal bailout. The rescue later swelled to about $152 billion.