MetLife Investment Management (MIM) has acquired PineBridge Investments, creating a combined business with US$734 billion in assets under management.
The acquisition brings together the institutional strength of MIM, which is MetLife’s institutional asset management division, with the global footprint of PineBridge, it said in a joint statement.
PineBridge was founded in 1996 as the investment advisory and asset management business of AIG. It was later acquired by Pacific Century Group in 2010 and now has approximately US$100 billion in assets under management (AUM).
The acquisition was first announced in December 2024 and saw MIM acquire PineBridge from its parent Pacific Century Group. More than half of the client assets acquired in the transaction are held by investors outside the US with one-third in Asia.
It excludes the private equity funds group business and its joint venture in China.
MIM has set out a New Frontier strategy, a five-year corporate plan unveiled in 2024 to focus on achieving strong growth and attractive returns through all-weather performance.
This covers extending leadership in group benefits, capitalising on its retirement platform, accelerating growth in asset management and expanding in high-growth international markets.
John McCallion, chief financial officer at MetLife, said: “Together, we are building a firm designed to meet today’s market challenges and capture tomorrow’s investment opportunities. We’re confident the combination of these two firms furthers our ambition to accelerate growth in line with our New Frontier strategy.”
Running the combined business will be Brian Funk, president of MIM.
Funk added: “Our leadership team reflects the best of both firms. Together, our expertise and shared vision enable us to generate greater long-term value for our clients.”
