PineBridge Investments LLC (also known as PineBridge) is an American

asset management Asset management is a systematic approach to the governance and realization of all value for which a group or entity is responsible. It may apply both to tangible assets (physical objects such as complex process or manufacturing plants, infrastr ...

firm. It was previously the asset management division of

American International Group American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. As of 2023, AIG employed 25,200 people. The company operates through three core ...

(AIG) known as AIG Investments before being sold to the

Pacific Century Group Pacific Century Group (PCG), chaired by Richard Li, is an Asia-based private investment group founded in 1993 with interests in technology, media and telecommunications, financial services, infrastructure, property and other investments. It ope ...

in 2010. It was subsequently renamed to PineBridge Investments.

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. 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. Win Neuger who joined AIG in 1995 to lead and grow the division, was the

CEO A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

of AIG Investments as well CIO of AIG. In 2004, AIG Investments set up a

joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acce ...

with Huatai Securities forming AIG-Huatai Fund Management (now known as Huatai-PineBridge Fund Management). By 2008, the size of AIG's investments had reached $712 billion. Due to the

2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...

, AIG underwent significant financial difficulty and was close to bankruptcy resulting in the

US government The Federal Government of the United States of America (U.S. federal government or U.S. government) is the national government of the United States. The U.S. federal government is composed of three distinct branches: legislative, execut ...

needing to spend $182 billion to

bailout A bailout is the provision of financial help to a corporation or country which otherwise would be on the brink of bankruptcy. A bailout differs from the term ''bail-in'' (coined in 2010) under which the bondholders or depositors of global syst ...

s. As a result, AIG needed to sell off many of its assets to repay the government bailout. 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 A mortgage-backed security (MBS) is a type of asset-backed security (an "Financial instrument, instrument") which is secured by a mortgage loan, mortgage or collection of mortgages. The mortgages are aggregated and sold to a group of individuals ( ...

to obtain higher profits. In September 2009,

Richard Li Richard Li Tzar-kai is a Hong Kong businessman and philanthropist. The founder and chairman of the private investment group Pacific Century Group (PCG), Li started his career in the 1990s with the founding of STAR TV, a pan-Asian televisi ...

of the Hong Kong–based Pacific Century Group (PCG) announced he would acquire AIG Investments from AIG for $500 million. In March 2010, the transaction was completed where Bridge Partners, a subsidiary of Pacific Century Group, acquired AIG Investments. The firm now independent of AIG was renamed to PineBridge Investments. Neuger who resigned from his posts at AIG, become CEO of the newly established entity. In 2012, only two years later, Neuger stepped down from his role of CEO at PineBridge. In 2020, PineBridge acquired Benson Elliot Capital, a UK based

private equity real estate Private equity real estate is a term used in investment finance to refer to a specific subset of the real estate investment asset class. Private equity real estate refers to one of the four quadrants of the real estate capital markets, which incl ...

firm. The new entity known as PineBridge Benson Elliot LLP then acquired housing developer, Sigma Capital Group in 2021. In December 2024, the institutional asset management arm of

Metlife MetLife, Inc. is the Holding company, holding corporation for the Metropolitan Life Insurance Company (MLIC), better known as MetLife, and its affiliates. MetLife is among the largest global providers of insurance, Annuity (US financial produ ...

agreed to acquire PineBridge from PCG for $1.2 billion.

References

{{authority control American International Group Companies established in 1996 Financial services companies established in 1996 Investment companies based in New York City Investment companies of the United States Announced mergers and acquisitions Asset management companies