MetLife Investment Management, the institutional asset management business of MetLife Inc., reached a definitive agreement to acquire PineBridge Investments from Pacific Century Group.  

Announced Dec. 23, the Whippany-headquartered firm said the deal includes: 

• $800 million in cash at closing
• $200 million subject to achieving certain 2025 financial metric
• $200 million subject to a multiyear earnout 

The acquisition excludes PineBridge’s private equity funds group business and its joint venture in China, MIM noted. 

PCG previously acquired New York City-based PineBridge – founded in 1996 as an investment advisory and asset management business of AIG – in 2010 for $277 million, according to The New York Times’ Dealbook. 

Part of the plan

“The acquisition of PineBridge Investments furthers our ambition to accelerate growth in asset management,” MetLife President and CEO Michel Khalaf said in a statement. “MetLife Investment Management is on a good path to grow its business organically, supplemented by targeted, complementary inorganic growth.” 

This area of growth is a priority of the company’s New Frontier mission. MIM unveiled the five-year growth strategy at its Investor Day earlier this month.

The deal is expected to close in 2025, subject to customary closing conditions. At that time, MIM’s total assets under management are expected to top $700 billion. 

The move will also expand MIM’s global footprint: Investors outside of the U.S. hold more than half of the client assets included in the deal, with about a third in Asia. 

PineBridge CEO Greg Ehret called the deal “a pivotal moment” for the company. 

“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,” Ehret added. 

BofA Securities serves as financial advisor to MIM, and A&O Shearman serves as its legal counsel. J.P. Morgan and Evercore serve as financial advisors to PineBridge, and Davis, Polk & Wardwell as its legal counsel. 

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