United States MetLife Investment Management to Buy $100 Billion PineBridge Investments for $800 Million with Additional $400 Million Contingent Payments from Hong Kong Billionaire Richard Li Pacific Century Group, Deal Expected Close in 2025 and Excludes PineBridge Private Equity Funds & China Joint Venture with Huatai Securities with $70 Billion AUM, MetLife Investment Will Have $700 Billion AUM after Deal Completion, Richard Li Acquired the Asset Management Business from AIG Investments in 2010 & Renamed as PineBridge Investments
27th December 2024 | Hong Kong
The United States MetLife Investment Management has announced to buy PineBridge Investments ($100 billion AUM) for $800 million (with additional $400 million contingent payments) from Hong Kong billionaire Richard Li Pacific Century Group, with the deal expected to close in 2025 and excludes PineBridge private equity funds & China joint venture with Huatai Securities ($70 billion AUM). MetLife Investment Management will have $700 billion AUM after the deal completion in 2025. In 2010, Richard Li acquired the asset management business from AIG Investments & renamed as PineBridge Investments. MetLife (23/12/24): “MetLife Investment Management, 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, 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 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. 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.”
“ United States MetLife Investment Management to Buy $100 Billion PineBridge Investments for $800 Million with Additional $400 Million Contingent Payments from Hong Kong Billionaire Richard Li Pacific Century Group, Deal Expected Close in 2025 and Excludes PineBridge Private Equity Funds & China Joint Venture with Huatai Securities with $70 Billion AUM, MetLife Investment Will Have $700 Billion AUM after Deal Completion, Richard Li Acquired the Asset Management Business from AIG Investments in 2010 & Renamed as PineBridge Investments “
MetLife President and Chief Executive Officer Michel Khalaf: “The acquisition of PineBridge Investments furthers our ambition to accelerate growth in asset management. MetLife Investment Management is on a good path to grow its business organically, supplemented by targeted, complementary inorganic growth.”
MetLife Chief Financial Officer and Head of MetLife Investment Management John McCallion: “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. We are excited about these new capabilities and the additional ways MIM will be able to partner with clients.”
Greg Ehret, Chief Executive Officer, PineBridge: “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. We are eager to seize new opportunities and remain committed to driving long-term success for clients worldwide.”
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.
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.
Hong Kong Billionaire Richard Li Pacific Century Group to Sell Majority Shareholding in $157 Billion Asset Manager PineBridge Investments, Acquired Asset Management Business from AIG Investments in 2010 & Renamed as PineBridge Investments
2nd February 2024 – Hong Kong billionaire Richard Li Pacific Century Group (PCG) has been reported to be selling their majority shareholding in $157 billion asset manager PineBridge Investments, having acquired the asset management business from AIG Investments in 2010 & renaming as PineBridge Investments. Richard Li has a personal fortune of around $4.8 billion, and is the son of Hong Kong billionaire Li Ka-Shing ($36 billion fortune). Richard Li Tzar Kai is an entrepreneur and businessman who deeply believes in the impact of technology, innovation and finance in driving growth in the Asia region. Richard Li founded Pacific Century Group (PCG) in 1993, an Asia-based long-term private investment group with interests across three core business pillars – financial services, technology, media & telecommunications (TMT), and property. Pacific Century Group (PCG) is an Asia-based private investment group established in 1993 with interests across three core business pillars – Technology, Media & Telecommunications (TMT), Financial Services and Property. PCG has demonstrated a strong track record of successful investing, and has created a long-term sustainable network in Asia and across its core business pillars.
Hong Kong Billionaire Richard Li Pacific Century Group to Sell Majority Shareholding in $157 Billion Asset Manager PineBridge Investments, Acquired Asset Management Business from AIG Investments in 2010 & Renamed as PineBridge Investments
Richard Li, Pacific Century Group Chairman
Richard Li Tzar Kai is an entrepreneur and businessman who deeply believes in the impact of technology, innovation and finance in driving growth in the Asia region. Richard Li founded Pacific Century Group (PCG) in 1993, an Asia-based long-term private investment group with interests across three core business pillars – financial services, technology, media & telecommunications (TMT), and property. Richard Li was awarded the Lifetime Achievement Award by the Cable & Satellite Broadcasting Association of Asia in 2011. He is a member of the Center for Strategic and International Studies’ International Councillors Group in Washington, D.C. Richard Li is a licensed pilot and a licensed rescue scuba diver.
PineBridge Investments
PineBridge Investments is a private, global asset manager focused on active, high-conviction investing. We draw on the collective power of our experts in each discipline, market, and region of the world through an open culture of collaboration designed to identify the best ideas. Our mission is to exceed clients’ expectations on every level, every day. As of 31 December 2023, the firm managed US$157.1 billion* across global asset classes for sophisticated investors around the world. PineBridge is majority-owned by a subsidiary of Pacific Century Group (PCG), an Asia-based private investment group. PineBridge employees have a meaningful share in the success of PineBridge through equity ownership and other rights to profits of the business. Asset management is our only line of business, ensuring that our interests are fully aligned with those of our clients.
Our origin story, in many ways, begins with our name. ’PineBridge’ was chosen to reflect the firm’s roots, which developed as the former asset management division of AIG, headquartered on ’Pine’ Street in New York’s financial district, and its aspirations for the future: ’Bridge’ was the name of the project to transition AIG’s money management business into an independent entity. Employees embraced the name and the idea it conveyed of a bridge to the future with roots in the past. Independent since 2010, the firm continues to draw from its decades of investment experience across asset classes, a network of global offices with talented and highly rated investment teams, and a world-class infrastructure. Today, our clients include pension plans, insurance companies, official institutions, private banks, advisors and intermediaries, supported by offices and staff in 24 locations. Our footprint enables us to deliver the firm’s full capabilities to investors at a local level, working closely to understand investor objectives, meet their needs, and help to solve their challenges.
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