MetLife to Buy PineBridge Investments for Up to $1.2 Billion

Dow Jones12-23 21:53

By Colin Kellaher

MetLife has struck a deal to buy PineBridge Investments, a global asset manager with about $100 billion in assets under management, from billionaire Richard Li's Pacific Century Group for up to $1.2 billion.

MetLife on Monday said it will pay $800 million in cash at closing for PineBridge, along with $200 million subject to achieving certain 2025 financial metrics and $200 million subject to a multi-year earnout.

The New York provider of insurance and financial services said the deal bolsters its MetLife Investment Management unit, which has more than $600 billion in assets under management, by adding significant scale and broadening the unit's global offerings and distribution reach.

MetLife said more than half of the client assets being acquired in the PineBridge deal are held by investors outside of the U.S., with roughly one-third held in Asia.

The company said the deal, which excludes PineBridge's private-equity funds group business and its joint venture in China, is slated to close next year.

Pacific Century acquired PineBridge, which was founded in 1996 as the investment advisory and asset management business of AIG, in 2010.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

December 23, 2024 08:53 ET (13:53 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2493876886?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-12-23 21:53","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2493876886","market":"sg","top_or_hot":-1,"title":"MetLife to Buy PineBridge Investments for Up to $1.2 Billion","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Colin Kellaher \n</p>\n<pre>\n \n</pre>\n<p>\n  MetLife has struck a deal to buy PineBridge Investments, a global asset manager with about $100 billion in assets under management, from billionaire Richard Li's Pacific Century Group for up to $1.2 billion. \n</p>\n<p>\n  MetLife on Monday said it will pay $800 million in cash at closing for PineBridge, along with $200 million subject to achieving certain 2025 financial metrics and $200 million subject to a multi-year earnout. \n</p>\n<p>\n  The New York provider of insurance and financial services said the deal bolsters its MetLife Investment Management unit, which has more than $600 billion in assets under management, by adding significant scale and broadening the unit's global offerings and distribution reach. \n</p>\n<p>\n  MetLife said more than half of the client assets being acquired in the PineBridge deal are held by investors outside of the U.S., with roughly one-third held in Asia. \n</p>\n<p>\n  The company said the deal, which excludes PineBridge's private-equity funds group business and its joint venture in China, is slated to close next year. \n</p>\n<p>\n  Pacific Century acquired PineBridge, which was founded in 1996 as the investment advisory and asset management business of AIG, in 2010. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Colin Kellaher at colin.kellaher@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  December 23, 2024 08:53 ET (13:53 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>MetLife to Buy PineBridge Investments for Up to $1.2 Billion</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMetLife to Buy PineBridge Investments for Up to $1.2 Billion\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-23 21:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://dowjonesnews.com/newdjn/logon.aspx?AL=N><strong>Dow Jones</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>By Colin Kellaher \n\n\n \n\n\n  MetLife has struck a deal to buy PineBridge Investments, a global asset manager with about $100 billion in assets under management, from billionaire Richard Li's Pacific ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1989772840.SGD","symbol_name":"CPR Invest - Climate Action A2 Acc SGD-H","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2493876886","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2493876886","pubTimestamp":1734961980,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"MetLife has struck a deal to buy PineBridge Investments, a global asset manager with about $100 billion in assets under management, from billionaire Richard Li's Pacific Century Group for up to $1.2 billion.MetLife on Monday said it will pay $800 million in cash at closing for PineBridge, along with $200 million subject to achieving certain 2025 financial metrics and $200 million subject to a multi-year earnout.The New York provider of insurance and financial services said the deal bolsters its MetLife Investment Management unit, which has more than $600 billion in assets under management, by adding significant scale and broadening the unit's global offerings and distribution reach.MetLife said more than half of the client assets being acquired in the PineBridge deal are held by investors outside of the U.S., with roughly one-third held in Asia.The company said the deal, which excludes PineBridge's private-equity funds group business and its joint venture in China, is slated to close n","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","BK4588":"碎股","LU1291159041.SGD":"CPR Invest - Global Silver Age A2 Acc SGD-H","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","MET":"大都会人寿","LU1989771016.USD":"东方汇理环球老龄化投资基金 A2 Acc","BK4585":"ETF&股票定投概念","BK4162":"人寿与健康保险"},"translate_title":"大都会人寿将以高达12亿美元收购PineBridge Investments","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MET":1},"content_text":"By Colin Kellaher \n\n\n \n\n\n  MetLife has struck a deal to buy PineBridge Investments, a global asset manager with about $100 billion in assets under management, from billionaire Richard Li's Pacific Century Group for up to $1.2 billion. \n\n\n  MetLife on Monday said it will pay $800 million in cash at closing for PineBridge, along with $200 million subject to achieving certain 2025 financial metrics and $200 million subject to a multi-year earnout. \n\n\n  The New York provider of insurance and financial services said the deal bolsters its MetLife Investment Management unit, which has more than $600 billion in assets under management, by adding significant scale and broadening the unit's global offerings and distribution reach. \n\n\n  MetLife said more than half of the client assets being acquired in the PineBridge deal are held by investors outside of the U.S., with roughly one-third held in Asia. \n\n\n  The company said the deal, which excludes PineBridge's private-equity funds group business and its joint venture in China, is slated to close next year. \n\n\n  Pacific Century acquired PineBridge, which was founded in 1996 as the investment advisory and asset management business of AIG, in 2010. \n\n\n \n\n\n  Write to Colin Kellaher at colin.kellaher@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  December 23, 2024 08:53 ET (13:53 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2493876886"}