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Home > PE News > By Region > North America

AIG’s asset management arm rebrands, is sold off AIG’s asset management arm rebrands, is sold off

20 Nov 2009. Source: AltAssets
American International Group’s asset management business has rebranded as PineBridge Investments and is being sold off by the beleaguered US insurance corporation.  PineBridge will keep its headquarters in New York and continue as a multi-product asset manager with resources in private equity, hedge funds, listed equity and fixed income to institutions and individuals.

The firm is to be sold off to Asia-based private investment group Pacific Century Group.  When the deal is completed, PineBridge will become an independent business with $88.7bn in assets under management. The sale is part of a wider move by AIG to divest assets for the repayment of a bailout by the US government.

AIG suffered a liquidity crisis last year after its credit rating plummeted.  In response, the US Federal Reserve Bank had to create a secured credit facility to prevent the insurance giant’s collapse.

CEO of PineBridge Win Neuger said, “The announcement of our new brand name is an exciting milestone, marking a significant point as we transition to being an independent business.”

Copyright © 2009 AltAssets

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