PineBridge Investments, the money- management firm controlled by Hong Kong billionaire Richard Li, replaced Chief Executive Officer Win Neuger as the firm reduces ties to former parent American International Group Inc. (AIG)
David Jiang, 46, previously the head of Bank of New York Mellon Corp. (BK)’s money-management arm in Asia, will assume the CEO role tomorrow, New York-based PineBridge said today in a statement. Neuger, 62, will stay on as vice chairman to “work with sales and distribution teams across the firm to manage client relationships,” according to the statement.
PineBridge, which had been used by AIG as a tool to invest its own money, has had to develop new fundraising plans since Li’s Pacific Century Group bought the New York-based firm in March 2010 for about $500 million. PineBridge was among the businesses disposed of by AIG following the New York-based insurer’s near collapse in 2008 and $182.3 billion U.S. government bailout.
Since the split, AIG has been shrinking the amount of investment overseen by PineBridge, said two people with knowledge of the firm’s operations who asked not to be named because the company’s financial results are private. Assets under management stood at $67.3 billion as of Dec. 31, 2011, according to the PineBridge website, down 19 percent from the prior year.
Neuger’s departure completes a management overhaul in which non-AIG executives are now in charge. In September 2010, the firm announced the appointment of former Standard Chartered Plc CEO Mervyn Davies as non-executive chairman. Two months later, PineBridge hired George Hornig, 57, a former Credit Suisse Group AG executive, to serve as chief operating officer.
The firm is planning a push to raise more money from investors in emerging markets, and to expand the amount of assets devoted to hedge funds and private equity, the people said. According to the PineBridge website, such “alternative” strategies represented about $22.1 billion of assets under management as of Dec. 31, or about a third of the total.
Under Jiang, PineBridge will “build upon its current franchise strengths across emerging and developed markets,” Davies, 59, said in the statement.
Jiang worked at Bank of New York Mellon from January 2003 through October 2011, his LinkedIn page says. According to the site, he “added over $1 billion of incremental revenue” during his 7-year tenure as head of the Asian unit.
Li, 45, is the chairman of PCCW Ltd. (8), Hong Kong’s biggest phone company. He is also the son of Li Ka-shing, 83, who according to Forbes Asia was Hong Kong’s richest man, with a fortune estimated at $24 billion as of January 2011. In September 2010, the elder Li’s foundation announced it had invested $300 million with PineBridge.
Ryan O’Keeffe, a PineBridge spokesman, declined to say how much of the Lis’ money was currently invested with PineBridge.
To contact the reporters on this story: Bradley Keoun in New York at firstname.lastname@example.org.