MetLife Investment Management to Acquire PineBridge Investments
MetLife Investment Management (MIM) has announced a definitive agreement to acquire PineBridge Investments, a global asset manager with approximately $100 billion in assets under management. The transaction is valued at up to $1.2 billion, comprising $800 million in cash at closing, $200 million tied to 2025 financial metrics, and $200 million subject to a multi-year earnout.
The acquisition, expected to close in 2025, will increase MIM's total assets under management to over $700 billion. The deal excludes PineBridge's private equity funds group and China joint venture. This strategic move aligns with MetLife's New Frontier strategy to accelerate asset management growth, expanding MIM's global footprint with more than half of the acquired client assets held by investors outside the U.S., and about one-third in Asia.
MetLife Investment Management (MIM) ha annunciato un accordo definitivo per acquisire PineBridge Investments, un gestore globale di asset con circa 100 miliardi di dollari in attività sotto gestione. La transazione è valutata fino a 1,2 miliardi di dollari, di cui 800 milioni in contante al momento della chiusura, 200 milioni legati a metriche finanziarie del 2025 e 200 milioni soggetti a un earnout pluriennale.
L'acquisizione, prevista per essere conclusa nel 2025, aumenterà il totale degli asset sotto gestione di MIM a oltre 700 miliardi di dollari. L'accordo esclude il gruppo di fondi di private equity di PineBridge e la joint venture in Cina. Questa mossa strategica è in linea con la strategia New Frontier di MetLife per accelerare la crescita nella gestione degli asset, espandendo la presenza globale di MIM con oltre la metà degli asset dei clienti acquisiti detenuti da investitori al di fuori degli Stati Uniti e circa un terzo in Asia.
MetLife Investment Management (MIM) ha anunciado un acuerdo definitivo para adquirir PineBridge Investments, un gestor de activos global con aproximadamente 100 mil millones de dólares en activos bajo gestión. La transacción está valorada en hasta 1,2 mil millones de dólares, que comprende 800 millones en efectivo en el cierre, 200 millones vinculados a métricas financieras de 2025 y 200 millones sujetos a un earnout plurianual.
Se espera que la adquisición se cierre en 2025, lo que incrementará los activos totales bajo gestión de MIM a más de 700 mil millones de dólares. El acuerdo excluye el grupo de fondos de capital privado de PineBridge y la joint venture en China. Este movimiento estratégico se alinea con la estrategia New Frontier de MetLife para acelerar el crecimiento de la gestión de activos, ampliando la huella global de MIM con más de la mitad de los activos de clientes adquiridos mantenidos por inversores fuera de EE. UU. y aproximadamente un tercio en Asia.
MetLife 투자 관리(MIM)는 PineBridge Investments를 인수하기 위한 확정 계약을 발표했습니다. PineBridge Investments는 약 1,000억 달러의 자산을 관리하는 글로벌 자산 관리자입니다. 이번 거래의 가치는 최대 12억 달러로, 8억 달러가 인수 시 현금으로 지급되며, 2억 달러는 2025년 재무 지표에 연동되고, 2억 달러는 다년간의 성과에 따라 지급됩니다.
2025년에 마감될 것으로 예상되는 이번 인수는 MIM의 총 관리 자산을 7,000억 달러 이상으로 늘릴 것입니다. 이번 거래는 PineBridge의 사모펀드 그룹과 중국 합작투자는 제외됩니다. 이 전략적 이동은 MetLife의 새로운 국경(New Frontier) 전략과 일치하여 자산 관리 성장을 가속화하고, MIM의 글로벌 입지를 확장합니다. 인수된 고객 자산의 절반 이상이 미국 외부의 투자자에게 보유되며, 약 3분의 1은 아시아에 있습니다.
MetLife Investment Management (MIM) a annoncé un accord définitif pour acquérir PineBridge Investments, un gestionnaire d'actifs mondial avec environ 100 milliards de dollars d'actifs sous gestion. La transaction est évaluée à jusqu'à 1,2 milliard de dollars, comprenant 800 millions de dollars en espèces à la clôture, 200 millions de dollars liés à des indicateurs financiers de 2025, et 200 millions de dollars soumis à un earnout pluriannuel.
L'acquisition, qui devrait être finalisée en 2025, augmentera le total des actifs sous gestion de MIM à plus de 700 milliards de dollars. L'accord exclut le groupe de fonds de capital-investissement de PineBridge ainsi que la joint-venture en Chine. Ce mouvement stratégique s'aligne avec la stratégie New Frontier de MetLife pour accélérer la croissance de la gestion d'actifs, élargissant la présence mondiale de MIM avec plus de la moitié des actifs de clients acquis détenus par des investisseurs en dehors des États-Unis, et environ un tiers en Asie.
MetLife Investment Management (MIM) hat eine endgültige Vereinbarung zur Übernahme von PineBridge Investments angekündigt, einem globalen Vermögensverwalter mit etwa 100 Milliarden Dollar an verwalteten Vermögenswerten. Die Transaktion hat einen Wert von bis zu 1,2 Milliarden Dollar, darunter 800 Millionen Dollar in bar bei Abschluss, 200 Millionen Dollar, die an Finanzkennzahlen von 2025 gebunden sind, und 200 Millionen Dollar, die an eine mehrjährige Erfolgsabhängigkeit geknüpft sind.
Die Übernahme, die voraussichtlich 2025 abgeschlossen wird, wird MIMs Gesamtvermögen auf über 700 Milliarden Dollar erhöhen. Der Deal schließt die Private-Equity-Fondsgruppe von PineBridge sowie das Joint Venture in China aus. Dieser strategische Schritt steht im Einklang mit MetLifes New Frontier-Strategie zur Beschleunigung des Wachstums im Asset Management und erweitert die internationale Präsenz von MIM, wobei mehr als die Hälfte der erworbenen Kundenvermögen von Investoren außerhalb der USA gehalten werden, und etwa ein Drittel in Asien.
- Increases total assets under management to over $700 billion
- Expands global presence, particularly in Asia
- Expected to be EPS accretive beyond year 1
- High teens expected internal rate of return
- Adds new capabilities in CLO platform, multi-asset business, and global equity strategies
- Significant cash outlay of $1.2 billion
- EPS neutral in first year
- Regulatory approval pending
- Integration risks with existing operations
Insights
The $1.2 billion acquisition of PineBridge Investments marks a strategic expansion for MetLife Investment Management, significantly boosting its AUM by $100 billion to over $700 billion. The deal structure, comprising
The transaction's valuation implies a multiple of approximately 1.2% of AUM, which aligns with recent asset management deals. The high-teens IRR target and EPS accretion beyond year one suggest strong financial engineering. Most notably, the acquisition provides MIM with enhanced capabilities in leveraged finance, CLOs and multi-asset strategies - all high-margin business lines that could drive meaningful fee income growth.
The geographic diversification is particularly compelling, with over 50% of acquired assets from non-U.S. clients and one-third from Asia, positioning MIM for growth in high-potential markets. This global expansion aligns with industry trends toward increased allocation to Asian markets.
This acquisition represents a transformative move in the institutional asset management landscape. PineBridge's expertise in high-yield strategies and CLOs perfectly complements MIM's traditional strength in fixed income and real estate. The combined platform will be better positioned to capture growing institutional demand for alternative yield sources in the current market environment.
The deal's timing is strategic, capitalizing on the evolving asset management industry dynamics where scale and diverse capabilities are increasingly critical. The addition of PineBridge's direct lending and European real estate businesses provides MIM with enhanced cross-selling opportunities and the ability to offer more comprehensive solutions to institutional clients.
The capital-light nature of the business model, combined with potential expense synergies, suggests strong potential for margin expansion. The expected high-teens IRR indicates significant value creation potential, particularly given the sticky nature of institutional assets and the growing demand for private market solutions.
The acquisition's focus on expanding MIM's global footprint, particularly in Asia, is strategically crucial. With
The transaction's structure, with performance-linked payments, provides downside protection while incentivizing growth. The expansion into CLOs and leveraged finance is particularly noteworthy, as these segments typically generate higher fees and are less susceptible to passive investment competition. The deal's EPS neutrality in year one, followed by accretion, suggests careful consideration of near-term integration costs against long-term strategic benefits.
Acquisition of Leading Global Asset Manager
Accelerates Growth of MetLife Investment Management
Strong Strategic and Cultural Fits and Attractive Financially
MetLife has established accelerating asset management growth as a strategic priority as part of 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 close, MIM’s total assets under management are expected to increase to over
“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
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, Chief Executive Officer, 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.
Transaction Highlights
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Attractive Financially |
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Presentation materials
Presentation materials with additional information on this transaction are available on the MetLife Investor Relations web page (https://investor.metlife.com/files/doc_presentation/2024/12/MetLife-Investment-Management-to-Acquire-PineBridge-Investments.pdf).
About MetLife Investment Management
MetLife Investment Management, the institutional asset management business of MetLife, Inc. (NYSE: MET), is a global public fixed income, private capital and real estate investment manager providing tailored investment solutions to institutional investors worldwide. MetLife Investment Management provides public and private pension plans, insurance companies, endowments, funds and other institutional clients with a range of bespoke investment and financing solutions that seek to meet a range of long-term investment objectives and risk-adjusted returns over time. MetLife Investment Management has over 150 years of investment experience and as of September 30, 2024, had
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in
Forward-Looking Statements
The forward-looking statements in this news release, using words such as “accelerate,” “accretive,” “expected,” “growth,” “long-term,” “path to grow,” “poised,” “potential,” “remain,” “seek,” “targeted,” and “will” are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its
Endnotes
1 Assets under management as of Sept. 30, 2024
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Media
Dave Franecki
973-264-7465
Dave.Franecki@metlife.com
Investors
John Hall
212-578-7888
John.A.Hall@metlife.com
Source: MetLife Investment Management
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