Friday, July 9, 2010

Change of Ownership for AIG Global Investment Corporation (Singapore) Ltd

I received a letter from American International Assurance (AIA) about a week back regarding the change of ownership for AIG Global Investment Corporation (Singapore) Ltd. Here is the news:

American International Group, Inc (AIG) has announced on 29 March 2010 that it has completed the sale of a portion of its investment advisory and asset management business, including the entity formerly known as AIG Global Investment Corporation (Singapore) Ltd., to Bridge Partners, L.P., an exempted limited partnership owned by Pacific Century Group, an Asia-based investment firm. The divested portion of the asset management business has been branded as PineBridge Investments and operates in 31 countries. With effect from 26 March 2010, PineBridge Investments is an indirect wholly-owned subsidiary of Bridge Partners, L.P.

The resulting change in ownership has resulted in a change of name of AIG Global Investment Corporation (Singapore) Ltd. to PineBridge Investments Singapore Limited. Changes has also been made to the name of AIG International funds and sub-funds. PineBridge Investments is the fund manager for AIG International Funds. This change does not affect the names of AIA Investment-Linked Policy (ILP) Funds.

I hold an AIA ILP which I bought some years back. Here are the consequences for me as far as I can tell:

1. No change to the AIA ILP name. Mine is AIA Achiever.

2. There will be a change in names for all the AIG International Funds. For example, the AIG Greater China Equity Fund is now known as PineBridge Greater China Equity Fund.

1 comment:

  1. Many investors make the mistake of only investing in the companies that they think are
    making profits, or which have strong financial base, only to wake up one morning to
    find them down. Worldcom and Enron best illustrate my point here. It is important that
    a portfolio manager splits the invested dollars into the different options, bonds and securities, which would provide them with a balance of the risk involved.

    Mutual Funds


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