MetLife Investment Management Expands Footprint with PineBridge Investments Acquisition

Strengthening Growth Strategies

Acquisition of a Prominent Global Asset Manager

Facilitates Growth for MetLife Investment Management

Aligns Strategically and Culturally while Offering Attractive Financial Features

Announcement of the Acquisition

WHIPPANY, N.J. – In a significant move for expansion, MetLife Investment Management (MIM), the institutional asset management arm of MetLife, Inc., has announced a definitive agreement to acquire PineBridge Investments. This global asset management firm, which oversees approximately $100 billion in assets, will be acquired from the Pacific Century Group. The deal encompasses an immediate cash payment of $800 million, with an additional $200 million contingent upon achieving specific financial performance metrics in 2025, and another $200 million based on a multi-year earnout arrangement. Notably, the deal excludes PineBridge’s private equity funds and its joint venture in China.

A Step Forward in Strategic Growth

Positioning asset management growth as a top strategic priority under the New Frontier initiative, MetLife views the acquisition as a vital advancement in broadening MIM’s scale, global offerings, and distribution capabilities. Post-acquisition, MIM’s total assets under management are anticipated to exceed $700 billion.

Leadership Perspectives on the Acquisition

“Acquiring PineBridge Investments supports our goal of accelerating growth in asset management,” shared MetLife President and CEO Michel Khalaf. “MIM is steadily advancing its business through strategic organic growth complemented by targeted acquisitions.”

John McCallion, Chief Financial Officer and Head of MIM, noted, “This transaction will greatly enhance MIM’s robust platform by extending our offerings in public and private credit, which includes a strong leveraged finance division and expanding our global capabilities. We are excited about these advancements and the added opportunities for client collaboration.”

Global Expansion and New Capabilities

This acquisition will significantly broaden MIM’s global presence, with more than half of the acquired client assets coming from investors outside the U.S., and approximately one-third of the assets being based in Asia. Furthermore, MIM will gain access to a collateralized loan obligation platform, a diverse multi-asset business, a comprehensive suite of global equity strategies, and dedicated lending and European real estate operations—all of which align well with MIM’s existing services.

Comments from PineBridge Leadership

“This marks a pivotal moment for PineBridge as we embark on an exciting new chapter,” said Greg Ehret, CEO of PineBridge. “Combining our active investment capabilities in public and private markets with MIM’s broad platform and financial stability will enable us to elevate our offerings and deliver increased value to our clients. We look forward to harnessing new opportunities to ensure client success in the long term.”

About PineBridge Investments

Founded in 1996 as part of AIG’s investment advisory and asset management services, PineBridge Investments was acquired in 2010 by the Pacific Century Group. This transaction is expected to close in 2025, subject to customary closing conditions and regulatory approvals.

Transaction Highlights

• Acquisition Details: MIM is set to acquire PineBridge Investments from the Pacific Century Group for an initial cash payment of $800 million.
• Strategic Alignment: This acquisition reinforces MIM’s strategic priority of growing its asset management segment.
• Financial Benefits: The transaction is projected to be neutral to earnings in the first year and accretive thereafter, with high expected internal rates of return.

Corporate Profiles

About MetLife Investment Management:
MIM provides customized investment solutions for institutional clients worldwide, with expertise in public fixed income, private capital, and real estate investments. As of September 30, 2024, MIM managed $609.3 billion in total assets.

About MetLife:
As one of the leading financial services companies globally, MetLife, Inc. specializes in insurance, annuities, employee benefits, and asset management, helping clients navigate their financial futures. Founded in 1868, MetLife operates in over 40 countries and is a leader across various markets.

Forward-Looking Statements

The statements in this release, indicated by terms like “accelerate,” “growth,” “expected,” and “will,” reflect ideas that present inherent risks and uncertainties. MetLife does not commit to publicly updating these statements in light of future developments.

Endnotes

1. Assets under management as of September 30, 2024.