Monday, 2 March 2015
Last updated 6 min ago
Mar 29 2010 | 9:19am ET
Asian-based investment firm Pacific Century Group has bought New York-headquartered asset management firm PineBridge Investments.
PineBridge, which was purchased from American International Group for an undisclosed sum, has $87.3 billion in assets under management. The firm employs equity, fixed income and alternative investments strategies.
According to PineBridge, it will remain headquartered in New York and Win Neuger, chief executive officer, and the current management team will continue to lead the company. PineBridge professionals will also be minority owners and investors in the firm.
"We are very excited to partner with Pacific Century Group and begin a new chapter in our firm's history,” said Neuger. “PCG's extensive network in Asia complements our existing global reach, and their strong financial position benefits our future plans for growth."
"PCG's financial commitment and global relationships are valuable assets for our global private equity and hedge fund teams and limited partners,” said Robert Thompson, global head of alternative investments. “Their support will be a powerful addition to our global alternatives program."
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…