It's official. The folks at Pinebridge Investments are getting a new boss.
The AIG asset manager is being sold to Pacific Century Group, according to the New York Times.
Pinebridge CEO Win J. Neuger and his team are expected to keep their jobs. The asset manager, with 900 employees in 31 countries, has an extensive network in Asia.
Pinebridge has about $87.3 billion in assets under management. AIG, which has been selling off chunks of its businesses, is still managing about $509 billion in "internal assets."
Pacific Century, which has investments in finance, infrastructure, media and telecommunications in Asia and Canada, paid $277 million, plus carried interest and more based on future performance.