US/ASIA - The sale of American International Group's (AIG) asset management and investment advisory group division, PineBridge Investments, to private equity firm Pacific Century Group (PCG) has been completed.
The sale was initially agreed for US$500m last September. In November, the division was renamed PineBridge Investments, while it was being spun off. (Global Pensions, November 20, 2009)
PineBridge chief executive Win Neuger said: "PCG's extensive network in Asia complements our existing global reach, and their strong financial position benefits our future plans for growth."
Neuger and the current management team will continue to lead the company.
PineBridge has $87.3bn in assets under management as of December 31 across listed equity, fixed income, private equity and hedge capabilities.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
The Pensions Regulator (TPR) and Financial Conduct Authority (FCA) have launched a refreshed ScamSmart campaign to warn savers about unsolicited pension communications.
Ann Harris OBE and Mike Dailly have been appointed non-executive directors at the upcoming single financial guidance body (SFGB).