Acquisition of Leading Global Asset Manager
Accelerates Growth of MetLife Investment
Management
Strong Strategic and Cultural Fits and
Attractive Financially
MetLife Investment Management (MIM), the institutional asset
management business of MetLife, Inc. (NYSE: MET), today announced
that it has reached a definitive agreement to acquire PineBridge
Investments (PineBridge), a global asset manager with approximately
$100 billion in assets under management,1 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.
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 $700 billion.
“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 U.S., and about
one-third of the assets held in Asia.
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
Transaction
- Acquiring PineBridge Investments from Pacific Century
Group
- $800 million in cash at closing
- $200 million subject to achieving certain 2025 financial
metrics
- $200 million subject to a multi-year earnout
Strong Strategic Fit
- Advances New Frontier strategic priority to grow asset
management
- Global, scaled institutional public and private credit
investment manager
- Complementary higher yield strategies
- Well-established presence in Asia
Attractive Financially
- Expected neutral to EPS in year 1 and accretive beyond
- High teens expected internal rate of return
- Capital light and source of steady fee income
- Potential expense synergies
Timing
- Expected to close in 2025
- Subject to regulatory approvals and other customary closing
conditions
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 $609.3 billion in total assets
under management. For more information, see the total assets under
management fact sheet for the quarter ended September 30, 2024
available on MetLife’s Investor Relations webpage
(https://investor.metlife.com).
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 the United States,
Asia, Latin America, Europe and the Middle East. For more
information, visit https://www.metlife.com.
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 U.S. Securities and Exchange
Commission filings. MetLife’s future results could differ, and it
does not undertake any obligation to publicly correct or update any
of these statements.
Endnotes 1 Assets under management
as of Sept. 30, 2024
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241223276160/en/
Media Dave Franecki 973-264-7465
Dave.Franecki@metlife.com
Investors John Hall 212-578-7888
John.A.Hall@metlife.com
Grafico Azioni MetLife (NYSE:MET)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni MetLife (NYSE:MET)
Storico
Da Gen 2024 a Gen 2025
