Founded in 1996, PineBridge Investments is a global asset manager specializing in distressed investments. The firm has experience in emerging and developed markets, and investments in multi-asset, fixed income, equities and alternatives. It serves a global client base including institutions, insurance companies and intermediaries. The firm is based in New York City and has offices in Europe, Asia, the Middle East and South America.
As of December 2015, PineBridge manages $46.2 billion in assets for clients in Asia, $29.1 billion in assets in the Americas, and $9.2 in assets in Europe, Africa and the Middle East, for a total $84.5 billion in assets under management (AUM). About 43% of these assets are in fixed income, with 26% in equities and 15% in alternative investments. The remainder is allocated to outside investment managers and other PineBridge strategies.
PineBridge Is Owned by the Son of Asia’s Richest Man
PineBridge was owned by American International Group Inc. (NYSE: AIG) until 2010, when it was sold to Pacific Century Group (PCG) to help repay AIG’s rescue by U.S. taxpayers. PCG is an Asian-based private investment group controlled by Hong Kong billionaire Richard Li, the son of Asia’s richest man, Li Ka-Shing, who has a net worth of $33 billion. Li and his family were criticized by the Chinese government for their European investments and for selling $2 billion worth of Chinese assets in 2015.
PCG Makes Changes to Key Leadership
In a six-month period beginning in late 2014, several changes were made to key leadership at PineBridge to win key clients. The firm named former Goldman Sachs Group Inc. (NYSE: GS) banker John Thornton as chairman, replacing Mervyn Davies. Also, Stephen Fitzgerald was appointed as interim chief executive officer (CEO) after David Jiang's resignation.
In January 2016, Gregory Ehret was hired as CEO fresh out of State Street Corp., where he served as president. While at State Street, Ehret was responsible for global client outreach, product development, marketing, operations and technology, and was a member of the board of several operating entities and fund companies. Fitzgerald returned to his previous position as deputy chairman upon Ehret's arrival.
PineBridge Offers Many Alternatives
PineBridge manages private equity investments, fund of funds, small- to mid-market buyout funds, real estate, hedge funds and fixed-income strategies. The firm’s Alternative Investment Group offers direct and indirect private opportunities around the world in developed, emerging and frontier markets. It invests in business services, hospitals, schools, industrial and manufacturing companies, and oil and gas services, as well as the real estate, warehousing and retail sectors.
PineBridge's New Europe Partners division focuses on growth equity investments in mid-market companies in Central Europe, seeking to capitalize on the region’s growing manufacturing and service bases.
The Structured Capital division partners with leading private equity groups, private business owners and management teams, providing non-control junior capital to middle-market companies. Since 2000, PineBridge has completed $2.1 billion in structured capital, mezzanine and non-control equity investments in more than 80 companies.
The PineBridge Private Funds Group focuses on multi-manager global growth, small- and mid-market buyouts, credit and mature assets. It has committed over $15 billion to private markets since 2000.
Equities, Fixed-Income and Multi-Asset Products
PineBridge offers an assortment of global, regional and country-specific equity strategies. Small-, mid- and large-cap funds are offered in developed markets. The firm also offers equity funds investing in emerging markets of Latin America, India and China. Its fixed-income offerings include global and emerging market bond funds. The firm also offers multi-asset funds focusing on global diversification, using a global dynamic asset allocation strategy featuring customizable levels of liquidity.