AIG sells PineBridge Investments to Pacific Century for $277 million
30 March 2010
Troubled US insurance giant American International Group Inc (AIG) completed yesterday the sale of part of its asset management business PineBridge Investments (PineBridge) to Asia-based private investment firm Pacific Century Group (PCG) for $277 million, as part of the company's ongoing asset sales to repay its huge debt.
In addition to the cash proceeds of $277 million received at closing, AIG expects to get additional future consideration in the form of a performance note and continuing share of carried interest, a statement said. Analysts estimate the total value of the deal at approximately $500 million.
PCG was founded by Hong Kong's billionaire Richard Li in 1993.
The company has a strong track record of holding and developing assets over the long term, and has a well-established network in Asia.
New York-headquartered PineBridge is a multi-product investment advisor which operates in 31 countries and manages approximately $87.3 billion in assets as at the end of December 2009.
The fund manager serves institutional and individual customers across a variety of asset classes, including private equity, hedge funds of funds, listed equities and certain fixed income strategies.