MetLife Investment Management (MIM) – MetLife’s institutional asset management business – announced that it has reached a definitive agreement to acquire PineBridge Investments, a global asset manager with about $100 billion in assets under management, from the Pacific Century Group.
The deal comprises $800 million in cash at closing, $200 million subject to achieving specific 2025 financial metrics, and $200 million subject to a multi-year earnout. This acquisition excludes PineBridge’s private equity funds group business and its joint venture in China.
MetLife established accelerating asset management growth as a strategic priority in the company’s New Frontier strategy. The acquisition of PineBridge will represent the tactical advancement of MetLife’s newly rolled-out strategy by adding significant scale to MIM while broadening the firm’s global offerings and distribution reach. Upon the closing of the deal, MIM’s total assets under management are expected to increase to over $700 billion.
This acquisition will meaningfully expand MIM’s global footprint, with more than half of the client assets being acquired in the transaction held by investors outside of the U.S. and about one-third of the assets held in Asia. And the acquisition of PineBridge will also bring to MIM a collateralized loan obligation platform, a multi-asset business, a global suite of equity strategies, direct lending, and European real estate businesses – all complementary to the firm’s existing capabilities.
PineBridge was launched in 1996 as AIG’s investment advisory and asset management business and was later acquired in 2010 by Pacific Century Group.
This deal is targeted to close in 2025, subject to customary closing conditions, including regulatory approvals.
BofA Securities serves as financial advisor to MIM, and A&O Shearman serves as its legal counsel. And J.P. Morgan and Evercore are serving as financial advisors to PineBridge, and Davis, Polk & Wardwell is serving as its legal counsel.
KEY QUOTES:
“The acquisition of PineBridge Investments furthers our ambition to accelerate growth in asset management. MetLife Investment Management is on a good path to grow its business organically, supplemented by targeted, complementary inorganic growth.”
– MetLife President and Chief Executive Officer Michel Khalaf
“This transaction will add substantially to MIM’s already strong franchise by expanding our public and private credit offerings, including a robust leveraged finance platform, as well as extending our global capabilities. We are excited about these new capabilities and the additional ways MIM will be able to partner with clients.”
– MetLife Chief Financial Officer and Head of MetLife Investment Management John McCallion
“This is a pivotal moment for PineBridge as we enter an exciting new chapter. By integrating MIM’s expansive platform and financial strength with our active investment expertise across public and private markets, coupled with our diversified global footprint, we are poised to enhance our capabilities and elevate the value we deliver to clients. We are eager to seize new opportunities and remain committed to driving long-term success for clients worldwide.”
– Greg Ehret, Chief Executive Officer, PineBridge
