MutualFundWire.com: PineBridge Funds are Officially Out of the AIG Fold

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Tuesday, March 30, 2010

PineBridge Funds are Officially Out of the AIG Fold

It's official: the PineBridge Funds (which until recently were known as Brazos Mutual Funds) are no longer part of AIG. On Monday, AIG executives said they completed the sale of a portion of their asset management business to Pacific Century Group, owned by Hong Kong magnate Richard Li.

Pacific Century paid $277 million in cash at closing. AIG expects to receive additional future consideration in the form of a performance note and a continuing share of carried interest.

The deal was first unveiled in September of last year.

The portion of AIG's asset management business that changed hands included Brazos Capital Management, adviser to the Brazos Mutual Funds. The Brazos Funds were rebranded PineBridge Funds in January.

Company Press Release

NEW YORK, Mar 29, 2010 --American International Group, Inc. (AIG) today announced that it has closed the sale of a portion of its asset management business to Pacific Century Group, the Asia-based private investment firm. AIG will continue to manage approximately $509 billion of assets as part of its internal investment operation.

Pacific Century Group paid $277 million in cash at closing, and AIG expects to receive additional future consideration in the form of a performance note and a continuing share of carried interest.

The divested portion of the asset management business has been branded as PineBridge Investments and operates in 31 countries. PineBridge Investments manages approximately $87.3 billion of assets for institutional and individual clients across a variety of asset classes, including private equity, hedge funds of funds, listed equities and certain fixed income strategies.

AIG is a leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services around the world. AIG common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.