Former AIG Investment Advisory Business Rebrands

PineBridge Investments is the new brand name of the former asset management and investment advisory business of American International Group, Inc. (AIG).

PineBridge Investments will continue to offer capabilities in alternative investments, listed equity, and fixed income to institutional and individual clients. The firm said it will maintain its global footprint that currently includes operations in 32 countries, with headquarters in New York.

In September, AIG announced an agreement to sell a portion of its investment advisory and asset management business to Bridge Partners, L.P. (see “AIG Enters into Agreement to Sell Asset Management Business”).

The firm said the new brand name reflects the company’s heritage and roots on Pine Street in New York’s financial district, and the new logo represents upward growth, as well as the three asset classes—equities, fixed income and alternatives—in which the firm invests.

PineBridge Investments will be formally transitioning to the new name across its global offices and products over the next several weeks. The process is scheduled to be finalized in conjunction with the completion of the sale of the business, which is subject to regulatory approvals and other consents.

“The announcement of our new brand name is an exciting milestone, marking a significant point as we transition to being an independent business,” said Win Neuger, chief executive officer.

Former Merrill Retirement Head to Run Citi Investment Unit

Two months after his announced retirement from Bank of America Merrill Lynch, Steve Bodurtha has joined Citi Private Bank as managing director and head of investment for North America.

Bodurtha most recently served as head of Institutional Retirement, Philanthropy & Investments for Bank of America Merrill Lynch. The firm announced in September that he would retire after 23 years at Merrill (see “BofA Brings in New Heads for Retirement, Wealth Management”). Shortly before Merrill was acquired by Bank of America, Bodurtha took over Merrill’s Retirement Group. Previously he was head of Investments, Wealth Management & Insurance at the firm.

In his new role, Bodurtha will be responsible for managing the investments platform for Citi Private Bank across the U.S. and Canada, according to Citi. He will report to both Peter Charrington, CEO of Citi Private Bank in North America and Shantanu Rastogi, global head of Investments.

“We are delighted to have someone of Steve’s capability and expertise joining us as we expand our investments offering and build the most sophisticated platform for high-net-worth clients,” said Charrington. “His experience and leadership will be critical as we enhance existing capabilities and build the top investment talent in the industry.”

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