Davies joined the firm last month. Although he will continue to work from the UK, the banking veteran will deploy his considerable contacts in the Far East to advise PineBridge on regulatory issues. The American group runs more than $78bn (£50.1bn) of assets, 65 per cent of which are located outside the US.
The 57-year-old Welshman also sits on the board of buyout firm Corsair Capital. The Corsair job marked his return to the world of finance after 16 months as former Prime Minister Gordon Brown’s trade minister. He was previously chief executive, then chairman of Standard Chartered.