Win Neuger
[1][2] Win Jay Neuger (age about 60 in 2008) was the Chief Executive Officer, Chairman, and Director at AIG Global Investment Corp and then CEO of Pinebridge Investments. In March 2010, with the support of Neuger and his team, AIG sold its Global Investment Corporation renamed PineBridge Investments with Neuger as CEO to Bridge Partners. Bridge Partners, in turn, belongs to Pacific Century Group, an Asia-based investment firm, established by Richard Li.
Neuger is the son of a public relations executive and grew up in the middle-class Minneapolis suburb of Edina. Neuger received an M.B.A. from Dartmouth’s Amos Tuck Graduate School of Business and an A.B. from Dartmouth College. He then went to work for Northwestern National Bank (now Wells Fargo) and eventually ran the fixed income business. Then in 1982, he left to be the chief investment officer at Western Asset Management (now Legg Mason). In 1984, he moved to Banker's Trust on a "rescue mission as BT was bleeding assets as a result of poor performance."[3] [2] Neuger eventually went on to run fixed income and equities and then moved into new areas such as structured products.
In 1995, he joined AIG, where he came to oversee its global investment portfolio and "to bring AIG's far-flung investment organizations under one roof and build a money manager for outside clients using the same infrastructure." [2] "Formally launched in 2001, AIG Investments highlighting its services as 'investor to investor', meaning that clients would be investing alongside one of the world's preeminent insurance companies.".[1] "Neuger built a profitable and innovative investment business" ... "that attracted clients from around the world."[1] In seven years, Neuger had grown AIG Investments into a company with $753 billion of assets, of which $128 billion was outside clients. Neuger focused on building the alternative business of hedge funds and private equity both in developed markets and emerging markets into an alternative business of $46 billion and $23 billion of real estate. The company had 45 asset management offices around the world, spanning Asia, Latin America, Africa, Europe and USA. The local "on-the ground" presence in global markets gave the company a substantial competitive advantage in attracting assets and large institutional investors.
With the financial turmoil and the crisis of the parent, Neuger recognized the need for an independent asset management company and hence led a treasury-supported auction on the sale of AIG Investments. Some financial journalists, however, such as Matthew Taibbi in his book Griftopia (ISBN 978-0-385-52996-9, pages 102–123), laid a substantial portion of the liquidity crisis at AIG directly on Neuger's doorstep. Reportedly, in his desire to increase profits, Neuger directed his unit to invest in mortgage-backed securities, using collateral from securities lending.[4]
Due to its diversified asset class and operations in numerous countries, the auction was very well received and the business was eventually sold to Pacific Century Group. The sale of AIG Investments which was one of the early contributors to the repayment of the loan that had been extended to AIG by the United States Federal Government, a debt that has now been paid in full. Neuger went on to lead the new company Pinebridge Investments (a name recognizing its roots to 70 Pine Street, headquarters of AIG Inc) as the CEO. He eventually retired as the Vice Chairman of the company in 2013, after building a global asset manager in approximately 20 years.
Win Neuger is also involved with many philanthropic causes and was the Co-Chair of the Board of Directors of Youth, I.N.C. which in 2011 was honored to recognize him at its annual gala. Steve K. Orr, Executive Director and Founder, noted, "Win's passion and drive to build Youth, I.N.C. into a first class organization has been transformational and has impacted the lives of innumerable city youth." Neuger is the Treasurer and Finance Chair on the Board of the Robert Toigo Foundation, serves on the Investment Committee of the Margaret A. Cargill Foundation, and is on the Board of Overseers at the Tuck School of Business at Dartmouth.
References
- ↑ 1.0 1.1 1.2 1.3 Segal, Julie (11 March 2010). "PineBridge Investments Drives Effort to Rebrand AIG". Institutional Investor. Retrieved 29 January 2013.
- ↑ 2.0 2.1 2.2 Segal, Julie (July/August 2008). "Win Neuger's Winning Ways". Institutional Investor. Retrieved 29 January 2013.
- ↑ Segal, Julie. "Winning ways".
- ↑ Actually, It Might Be All Win Neuger's Fault AIG Collapsed, Not Goldman Sach's, July 9, 2010
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