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PineBridge's LatAm CEO exits over strategic differences

PineBridge's LatAm CEO exits over strategic differences

PineBridge Investment’s Latin American chief executive Stacy Steimel has left the firm over strategic differences and to pursue her own projects.

Chile-based Steimel told Citywire Americas that her departure from PineBridge, effective on June 3, stemmed from differences over how to pursue company projects.

However, she maintained that her relationship with PineBridge remains amicable.

Her departure comes amidst a set of changes in the Santiago branch of the firm. Former PineBridge fund manager Santiago Arias left in December 2015 following a shake-up in the emerging markets team. He managed the Pinebridge Global Funds Latin America Small and Mid Cap Equity fund, which is currently managed by Andrew Jones.

In addition, former vice president and portfolio manager, Rafael Mendoza, also left PineBridge in late 2015, to join Chilean investment firm Compass Group.

Steimel was head of Latin American equities from 2008 till 2015 before taking over as chief executive.

She also managed six funds during her time at PineBridge, including the Pinebridge Global Funds - Latin America Equity A.

Her replacement has not been appointed yet.

PineBridge had no comment on this latest departure or on any strategic differences with Steimel.

Steimel continues to be based in Chile and is currently pursuing a certificate program for directors from the Instituto de Directores [Director’s Institute], an Ernst & Young initiative that seeks to contribute to corporate governance in Chile and the rest of Latin America.

Steimel is also an investor in ChileGlobal Angels, a network that gathers Chilean and foreign entrepreneurs and executives to pursue different ventures together. 

‘There’s a need for women in directors’ positions in Chile,’ she said, though adding that she is in no rush to get back in the workforce.

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