Singapore government fund Temasek and Richard Li, the son of Hong Kong’s richest man, are believed to be joining a consortium led by US fund manager Franklin Templeton that is currently front runner to buy AIG’s asset management business for around $500 million, according to the Financial Times.

AIG is selling the asset management business, which has around $85 billion in global assets, to pay back US government aid. Unnamed sources said a sale could be completed by the end of the month.