PineBridge Investments [profile], the former mutual fund arm of AIG, is exiting the U.S. mutual fund business, according to several filings with the Securities and Exchange Commission.

The news was included in part of a filing on the proposed reorganization of two PineBridge funds, namely the PineBridge U.S. Micro Cap Growth Fund and the PineBridge U.S. Small Cap Growth Fund, into Jacob Asset Management's family of mutual funds, in particular the Jacob Micro Cap Growth Fund and the Jacob Small Cap Growth Fund. This proposal is up for a shareholder vote on October 26.

According to the filing, "The proposed reorganizations were prompted by a decision by the Target Funds’ former investment adviser, PineBridge Investments, LLC (“PineBridge”), to discontinue its U.S. mutual fund operations."

Neither PineBridge nor Jacob Asset Management responded to MFWire's requests for comment.

An earlier SEC filing from this summer announced the renaming of the trust involved with these two funds from PineBridge Mutual Funds to Jacob Funds II.

In addition to the two U.S. funds named previously, PineBridge also operated the PineBridge US 25 Equity Fund and the PineBridge Merger Arbitrage Fund.

According to the PineBridge website, the investment firm had $68.6 billion in total assets under management as of June 30. PineBridge was named AIG Global Investment Corp. before its sale to Bridge Partners L.P. in 2009.  

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