AIG Re-brands Asset Management Business
American International Group (AIG) re-branded its asset management and investment advisory business to PineBridge Investments. The renaming of the business is part of a transition stage into an independent business. PineBridge, headquartered in New York, will retain its global operations in 32 countries, specializing in alternative investments, listed equity and fixed income. The business will study risk across various regions, markets and asset classes. Member companies of PineBridge manage more than $88bn in assets as of June 30, 2009. “The announcement of our new brand name is an exciting milestone, marking a significant point as we transition to being an independent business,” said CEO Win Neuger in a press statement. “We are building on an already strong foundation: our diverse investment capabilities and expertise, and an established culture of success. Now, combined with our new financial partner, we are even more effectively positioned to succeed in our markets, deliver results for our clients and grow our business." Neuger added: "For our clients, employees and other stakeholders, our new brand will come to stand for partnership, excellence and innovation, and we look to the future with a great deal of enthusiasm and confidence.” PineBridge said it expects to transition to the new name across global offices and products in coming weeks. The transition is scheduled to complete alongside the sale of the business by AIG. Write to Diana Golobay.