, NAIROBI, Kenya Nov 15 – PineBridge Investments is set to expand its East African operations into other Sub-saharan region to grow its business.
This follows the successful re-organisation of the company after it re-branded from AIG Investments.
Making the announcement, PineBridge Investments Managing Director in-charge of Asset Management Ravi Mehrotra said the firm sees emerging markets, with a growing middle class as well as an increase in economic buying power, as adding significance to its business strategy.
“The re-organisation and re-branding has been successful. As we embark on our journey as a re-branded and independent organisation, we are extremely optimistic about the enormous opportunities that the region offers for our businesses,” Mr Mehrotra said.
Mr Mehrotora said sub-Saharan Africa is seen as a key new frontier market with huge untapped potential that Pinebridge Investments can venture into for accelerated business growth.
He spoke while on a familiarisation tour of the re-branded fund management operations in East Africa.
The re-naming of the asset management firm formed part of the successful re-branding effort that brought to an end the long transition process for the firm that started in September 2008.
The re-branding follows the successful conclusion of the sale of AIG\’s Investment advisory and asset management business worldwide to Pacific Century Group.
According to Jonathan Stichbury – Managing Director and Chief Executive of PineBridge Investments East Africa Ltd, Kenya remains a vital growth market for the business.
“The positive economic outlook for Kenya and the opening up of the East Africa Community will continue to strengthen its regional standing at a time when we are looking to expand our footprint,’’said Stichbury.
Locally PineBridge Investments has seen its fund management portfolio rise considerably to surpass the $1 billion mark.
Assets under management as at September 30, 2010 were valued at Sh81 billion and the team remains optimistic about further growth.
“During the transition, we were delighted to have had tremendous support from our existing clients and partners which has contributed to our success,” Mr Stichbury said.
He highlighted that the company will continue to uphold good governance with focus on ethics, integrity and compliance.
“PineBridge Investments East Africa will continue to offer broad capabilities in equity and fixed income investments to local retirement funds and other institutional investors,” he said.