Former UK trade minister Lord Mervyn Davies has joined PineBridge Investments, the asset management firm previously owned by American International Group, as non-executive chairman.

Davies steps in from US private equity firm Corsair Capital, where he still serves as vice chairman and partner. He had also functioned as the UK's minister of state for trade, investment, and small business for 16 months under former prime minister Gordon Brown. Prior to that, he was chairman of Standard Chartered Bank.

AIG sold PineBridge Investments to Pacific Century Group, owned by Hong Kong tycoon Richard Li, in March 2010. Davies will be based in London, although both Corsair and PineBridge are based in New York.

PineBridge has $78 billion in assets under management.