PineBridge Investments

Last updated

PineBridge Investments LLC
FormerlyAIG Investments
Company type Subsidiary
IndustryInvestment management
Founded1996;28 years ago (1996)
Headquarters Park Avenue Tower,
New York, NY
,
United States
Number of locations
24
Key people
AUM US$168.2 billion (March 2024)
Number of employees
700+ (2024)
Parent Pacific Century Group
Website www.pinebridge.com
Footnotes /references
[1]

PineBridge Investments (also known as PineBridge) is an American asset management firm. It was previously the asset management division of American International Group (AIG) known as AIG Investments before being sold to the Pacific Century Group in 2010. It was subsequently renamed to PineBridge Investments.

Contents

History

The predecessor to PineBridge was originally formed in 1996 as AIG Investments, the asset management division of AIG to oversee the group's $75 billion assets. [2] [3] [4] [5] This was done by consolidating AIG's various investment entities into a single platform and at the time of the entity's establishment, it had 300 employees. [2] [3] [4] Win Neuger who joined AIG in 1995 to lead and grow the division, was the CEO of AIG Investments as well CIO of AIG. [5] [6] [7]

In 2004, AIG Investments 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]

Due to the Financial crisis of 2007–2008, AIG 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 the Hong Kong-based Pacific Century Group announced he would acquire AIG Investments from AIG for $500 million. [4] [5] [7] [10] In March 2010, the transaction was completed where Bridge Partners, a subsidiary of Pacific Century Group, acquired AIG Investments. [4] [5] [7] [10] The firm now independent of AIG was renamed to PineBridge Investments. [5] [12] Neuger who resigned from his posts at AIG, become CEO of the newly established entity. [4] [5] [6]

In 2012, only two years later, Neuger stepped down from his role of CEO at PineBridge. [6] [7]

In 2020, PineBridge acquired Benson Elliot Capital, a UK based private equity real estate firm. [13] The new entity known as PineBridge Benson Elliot LLP then acquired housing developer, Sigma Capital Group in 2021. [14]

Senior leadership

List of CEOs

  1. Win Neuger (1996–2012) [15]
  2. David Jiang (2012–2015) [16]
  3. Gregory Ehret (since January 2016) [17]

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References

  1. ↑ "Who We Are | PineBridge Investments". 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. ↑ Chavagnon, Eliane (March 1, 2012). "PineBridge Investments Loses CEO, Names Successor". Archived from the original on November 10, 2023. Retrieved November 10, 2023.
  16. ↑ Stevenson, Chelsea (March 31, 2015). "To be able to copy & paste content to share with others please contact us at subscriptions@peimedia.com to upgrade your subscription to the appropriate licence". Archived from the original on November 10, 2023. Retrieved November 10, 2023.
  17. ↑ "PineBridge Investments appoints Gregory A Ehret as CEO". December 7, 2015. Archived from the original on November 10, 2023. Retrieved November 10, 2023.
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