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.
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