Morgan Stanley and Deutsche Bank have been chosen as the global co-ordinators for the $5bn-plus initial public offering of American International Group's Asian life insurance unit, according to people familiar with the matter.
The listing of Hong Kong-based American International Assurance is set to be one the world's largest listings for the past two years and the investment banks will pocket the largest share of the hundreds of millions of dollars in fees that will be paid to advisers.
Morgan Stanley had been tipped to claim one of the positions, given its role as an adviser to the US Federal Reserve on the rescue of the stricken US insurer.