PineBridge Investments

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PineBridge Investments LLC
FormerlyAIG Investments
Company type Subsidiary
IndustryInvestment management
Founded1996;30 years ago (1996)
Headquarters Park Avenue Tower,
New York City
,
USA
Number of locations
24
Key people
AUM US$190.3 billion (December 2024)
Number of employees
700+ (2024)
Parent MetLife
Website www.pinebridge.com
Footnotes /references
[1]

PineBridge Investments LLC (also known as PineBridge) is an American asset management firm that was formerly a division of American International Group (AIG) known as AIG Investments. After being sold to the Pacific Century Group (PCG) in 2010, it became known as PineBridge Investments.

History

AIG Investments was formed in 1996 as an asset management division of AIG to oversee the group's $75 billion in assets, [2] [3] [4] [5] initially employing 300 people. [2] [3] [4] PineBridge's predecessor consolidated AIG's various investment entities into a single platform.

After joining AIG in 1995 to lead and grow the division, Win Neuger was CIO of the former as well as CEO of the latter. [5] [6] [7] In 2004, AIG Investments (AIGI) set up a joint venture with Huatai Securities forming AIG-Huatai Fund Management (now known as Huatai-PineBridge Fund Management). [8]

By 2008, the size of AIG's investments had reached $712 billion. [3] However, due to the financial crisis of that year, AIGI's parent company underwent significant financial difficulty and was close to bankruptcy resulting in the US government needing to spend $182 billion to bailouts. [3] [4] [9]

As a result, AIG needed to sell off many of its assets to repay the government bailout. [4] [10] It has been speculated that Neuger was significantly responsible for AIG's near collapse due to allowing the group to take on excessive risk related to mortgage-backed securities to obtain higher profits. [5] [6] [11]

In September 2009, Richard Li of Hong Kong-based PCG announced that he would acquire AIGI for $500 million. [4] [5] [7] [10] Six months later, the purchase was completed by a subsidiary of his company, Bridge Partners. [4] [5] [7] [10]

Now independent and renamed PineBridge Investments, [5] [12] the firm had Neuger as its first CEO after he resigned from his posts at AIG; [4] [5] [6] two years later, however, Neuger left his post. [6] [7]

In 2020, PineBridge acquired Benson Elliot Capital, a UK based private equity real estate firm. [13] The following year, the new entity known as PineBridge Benson Elliot LLP then acquired housing developer, Sigma Capital Group. [14]

In December 2024, the institutional asset management arm of Metlife agreed to acquire PineBridge for $1.2 billion. [15] The transaction was completed a year later. [16]

References

  1. ↑ "Who We Are". www.pinebridge.com. Archived from the original on November 5, 2022. Retrieved November 5, 2022.
  2. 1 2 "PineBridge Investments LLC". www.fitchratings.com. Archived from the original on November 5, 2022. Retrieved November 5, 2022.
  3. 1 2 3 4 Moore, Heidi N. (September 16, 2008). "The AIG Crisis, By the Numbers". Wall Street Journal. ISSN   0099-9660. Archived from the original on November 5, 2022. Retrieved November 5, 2022.
  4. 1 2 3 4 5 6 7 "Richard Li buys AIG businesses for $500 million | Moves | AsianInvestor". July 28, 2021. Archived from the original on July 28, 2021. Retrieved November 5, 2022.
  5. 1 2 3 4 5 6 7 "PineBridge Investments Drives Effort to Rebrand AIG". Institutional Investor. Archived from the original on November 5, 2022. Retrieved November 5, 2022.
  6. 1 2 3 4 Boyd, Roddy (January 22, 2015). "The Past Imperfect: Mr. Neuger and Mr. Fitzmaurice Would Like Your Money, Again". The Foundation for Financial Journalism. Archived from the original on November 5, 2022. Retrieved November 5, 2022.
  7. 1 2 3 4 "PineBridge's Neuger To Step Down As CEO". Wall Street Journal. March 1, 2012. ISSN   0099-9660. Archived from the original on November 5, 2022. Retrieved November 5, 2022.
  8. ↑ "AIG to open fund management joint venture". www.chinadaily.com.cn. Archived from the original on November 5, 2022. Retrieved November 5, 2022.
  9. ↑ Root, Al. "The AIG Bailout Ended the Financial Crisis 10 Years Ago. Now, Analysts Like the Stock". www.barrons.com. Archived from the original on November 5, 2022. Retrieved November 5, 2022.
  10. 1 2 3 "Freed from taint of AIG, PineBridge ready to make its own name". Pensions & Investments. August 5, 2010. Archived from the original on November 5, 2022. Retrieved November 5, 2022.
  11. ↑ Comstock, Courtney. "Actually, It Might Be All Win Neuger's Fault AIG Collapsed, Not Goldman Sach's". Business Insider. Archived from the original on November 5, 2022. Retrieved November 5, 2022.
  12. ↑ "AIG rebrands asset management group PineBridge". www.professionalpensions.com. November 20, 2009. Archived from the original on November 5, 2022. Retrieved November 5, 2022.
  13. ↑ "PineBridge acquires Benson Elliot Capital for undisclosed sum". InternationalInvestment. October 14, 2020. Archived from the original on November 5, 2022. Retrieved November 5, 2022.
  14. ↑ Robinson, Jon (June 11, 2021). "Housing developer agrees £188.4m deal with private equity real estate giant". Business Live. Archived from the original on November 5, 2022. Retrieved November 5, 2022.
  15. ↑ Comtois, James (December 23, 2024). "MetLife Buys PineBridge in $1.2B Deal". Institutional Investor.
  16. ↑ "MetLife Investment Management Completes Acquisition of PineBridge Investments". PineBridge Investments. Retrieved January 12, 2026.
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