The investment firm of Hong Kong billionaire Richard Li is reportedly seeking to sell its majority stake in New York-based PineBridge Investments.
Hong Kong-based Pacific Century Group (PCG) is seeking to sell its majority stake in PineBridge Investments, according to a «Reuters» report citing unnamed sources and a deal document. J.P. Morgan has been hired to run the sales process and preliminary discussions have been held with several financial institutions.
PCG – founded by Richard Li who is the son of Li Ka-shing, Hong Kong’s richest man – acquired PineBridge from US insurer AIA in 2010 for $277 million. At the time, it managed $87.3 billion compared to $157 billion at end-2023.
Bottom Line
Following a $15 million profit in 2021, PineBridge posted a loss of $78 million in 2022. In 2023, the asset manager's net profit after tax was over $40 million, the report added.
Founded in 1996, PineBridge has 25 offices housing over 700 employees, including 230 investment professionals.
