Rajeev Mittal has become the new Asia CEO (excluding Japan) for PineBridge Investments, the former investment arm of American International Group (AIG), according to his LinkedIn update.
Mittal, who has served the group for nearly two decades, will move to Hong Kong for the new assignment. Earlier, he was heading the firm’s emerging markets and international fixed income business from London.
Mittal succeeds Ada Tse who will now work as a senior advisor at PineBridge and continue to focus on the portfolio companies and limited partners in the PineBridge Asia private equity funds. Mittal will also continue with his existing role while expanding his responsibilities, according to Ignites Asia.
Tse is on the board of Indian healthcare firm Narayana Hrudayalaya, a PineBridge portfolio firm. The company has also invested in privately held Uniparts India, a manufacturer of components, assemblies and hydraulic systems for agricultural and construction equipment. In the past, the investment group had also put in money in Indian firms such as Biocon and Amalgamated Bean Coffee Trading Co.
Earlier this year, PineBridge hired Arthur Lau from JP Morgan Asset Management, Hong Kong, as head of Asia (ex-Japan), Fixed Income.
PineBridge Investments had assets under management worth $80.9 billion, as of March 31, 2011, across a platform of listed equity, fixed income, private equity and hedge fund strategies. Fixed income assets comprised over a third of the total, followed by alternative investments and equities. It was purchased by Richard Li’s Pacific Century Group early last year.