MetLife Investment Management (MIM), the institutional asset management business of MetLife, 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. 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,” Michel Khalaf, president and CEO of MetLife, said. “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,” John McCallion, chief financial officer of MetLife and head of MetLife Investment Management, said. “We are excited about these new capabilities and the additional ways MIM will be able to partner with clients.”
“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,” Greg Ehret, CEO of PineBridge, said. “We are eager to seize new opportunities and remain committed to driving long-term success for clients worldwide.”
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.
