PineBridge

The diversified asset manager managed USD 149 billion(including USD 49 billion via its minority-owned Mainland China joint venture) as of June 2023. Its offerings in emerging markets and Asian fixed income and equity, as well as global multi-asset, are supported by strong investment teams and stand out from its broad product lineup. It has expanded to around 230 investment professionals over the past few years, although turnover has picked up more recently. Notably, its global head of equities left in late 2022 and was not replaced. To grow assets and cater to client demand, the firm continued to launch products in recent years, mostly in Taiwan and Japan, and it acquired European real estate investment firm Benson Elliot in 2020. While the new products generally leverage existing capabilities, some of them were in capacity-constrained asset classes such as Asian small caps. The firm’s leadership has somewhat stabilized after a period of high turnover that included the arrival of CEO Gregory Ehret in 2016 and changes in chief operating, financial, technology, and risk officers between 2018 and 2020. After returning to profit in 2021, the firm was back in the red in 2022, although operating earnings were positive. We reiterate a Parent rating of Average given our mixed views.