PineBridge Investments has appointed E. Mervyn Davies, the United Kingdom’s previous minister of state for trade, investment and small business, as a new non-executive chairman at the New York-based money management firm.
In the newly created role, Davies, who is also known as Lord Davies of Abersoch, will “help drive the firm’s strategy to further strengthen its position as a leading global asset management firm,” the Sept. 7 press release said.
Davies first joined the PineBridge in August. He will assume the new post effective immediately, a firm spokesperson told IMW.
Previously, Davies held the public finance role from January 2009 to May 2010, the statement revealed.
According to PineBridge CEO Win Neuger, Davies significant experience “in many of [its] core markets in Europe, the Middle East and Asia” make him a “highly complementary addition to the PineBridge team” as it continues its international growth, the announcement stated.
Prior to his governmental role, Davies was a chairman and group chief executive of Standard Chartered Bank, a 150-year old financial institution that has a significant reach in Asia, Africa and the Middle East sectors. He spent nearly 12-years on the bank’s Board, the release said.
Moving forward, Davies said in the statement that PineBridge is “well placed to realize its growth plans.”
As of June 30, the firm had nearly $78 billion in assets under management in equity, fixed-income, private equity and hedge fund products for its institutional and individual clients.