General Business
On Dec 24, 2024
Whippany-based MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc., has reached a definitive agreement to acquire PineBridge Investments, a global asset manager with approximately $100 billion in assets under management, from the Pacific Century Group. The transaction is comprised of $800 million in cash at closing, $200 million subject to achieving certain 2025 financial metrics and $200 million subject to a multi-year earnout. The acquisition excludes PineBridge’s private equity funds group business and its joint venture in China.
The acquisition of PineBridge will represent the tactical advancement of MetLife’s newly rolled out New Frontier strategy by adding significant scale to MIM while broadening the firm’s global offerings and distribution reach. Upon close, MIM’s total assets under management are expected to increase to over $700 billion.
“The acquisition of PineBridge Investments furthers our ambition to accelerate growth in asset management,” said MetLife President and Chief Executive Officer Michel Khalaf. “MetLife Investment Management is on a good path to grow its business organically, supplemented by targeted, complementary inorganic growth.”
“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,” said MetLife Chief Financial Officer and Head of MetLife Investment Management John McCallion. “We are excited about these new capabilities and the additional ways MIM will be able to partner with clients.”
The 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.
The acquisition of PineBridge will also bring to MIM a collateralized loan obligation platform, a multi-asset business, a global suite of equity strategies, as well as direct lending and European real estate businesses – all of which are complementary to the firm’s existing capabilities.
“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,” said Greg Ehret, CEO, PineBridge. “We are eager to seize new opportunities and remain committed to driving long-term success for clients worldwide.”
PineBridge was founded in 1996 as the investment advisory and asset management business of AIG and was later acquired in 2010 by Pacific Century Group.
This transaction is targeted to close in 2025, subject to customary closing conditions, including regulatory approvals. BofA Securities is serving as financial advisor to MIM, and A&O Shearman is serving as its legal counsel. J.P. Morgan and Evercore are serving as financial advisors to PineBridge, and Davis, Polk & Wardwell is serving as its legal counsel.
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