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PineBridge’s Jiang steps down

PineBridge closed its third secondaries fund on $308m, shy of its $500m target last month.

David Jiang resigned as chief executive officer of PineBridge Investments on 16 March, according to a statement.

The firm immediately appointed deputy chairman of the board Stephen Fitzgerald as interim CEO. Fitzgerald is a former Goldman Sachs executive, having served as chairman of the bank in Australia and New Zealand, among other roles. He will continue his role as deputy chairman while acting as CEO.

David Jiang
David Jiang

PineBridge’s board of directors has hired an executive search firm to assist in hiring a new CEO.

“The board remains committed to the firm’s long-term strategy and we are pleased that Stephen will assume interim leadership of the firm,” chairman John Thornton said in the statement. Thornton, who is a former president of Goldman Sachs, was appointed chairman last November.

Jiang joined PineBridge in March 2012, after spending nine years as an executive at Bank of New York Mellon, including serving as CEO of Asia Pacific, according to his LinkedIn Profile.

Last month PineBridge closed its third secondaries fund on $308 million, shy of its $500 million target. The fund initially launched with a $1.3 billion target, but the target was reduced to $500 million in June 2013. The fund had collected $130 million as of July 2013 and $188 million as of July 2014.