Billionaire Li Ka-shing’s foundation hired PineBridge Investments to manage some assets after his son Richard Li took over the fund management firm from American International Group Inc. this year.
PineBridge is overseeing about $300 million of the Li Ka-shing Foundation’s assets, according to Laura Cheung, a spokeswoman at the charity founded by the elder Mr. Li, Hong Kong’s richest man.
While the foundation directly manages about 95% of an endowment exceeding $7 billion, external firms manage the rest, Ms. Cheung said in an interview.
The hiring comes a decade after Richard Li quit Hutchison Whampoa, his father’s largest company by market value, to independently run telephone company PCCW. In 2006, an investment group that included Li Ka-shing failed to buy control of the carrier after Richard Li learned of his father’s involvement in the bid.
PineBridge declined to comment, according to spokeswoman Talia Druker.
Richard Li’s Pacific Century Group in March paid an initial $277 million to buy PineBridge as AIG sells assets to repay a $182.3 billion U.S. government bailout. Pacific Century also controls PCCW, in addition to property assets in countries including China and Japan.
PineBridge last week named Mervyn Davies, former head of Standard Chartered PLC, as chairman. The appointment of the executive, who had worked in Europe, Asia and the Middle East, will boost the firm’s global expansion, PineBridge said.