MetLife struck a deal to buy PineBridge Investments, a global asset manager with about $100 billion in assets under management, from billionaire Richard Li’s Pacific Century Group for up to $1.2 billion.

MetLife Investment Management, a subsidiary of U.S. insurer MetLife said on Monday it has agreed to buy PineBridge Investments, a global asset manager, from Pacific Century Group in a deal valued at up to $1.

MetLife Inc. agreed to buy PineBridge Investments’ assets outside of China from Hong Kong billionaire Richard Li’s Pacific Century Group as part of the US insurer’s push to grow in asset management.Mo

The deal consideration includes $800m cash at closing, and another $400m contingent on future financial and earnout targets.

The asset management arm of U.S. insurer giant MetLife has agreed to buy PineBridge Investments from Hong Kong billionaire Richard Li's Pacific Century Group (PCG) in a deal valued at up to $1.2 billion,

The big managers continue to get bigger through M&A, with MetLife’s institutional asset management business buying PineBridge Investments this week.

The $800 million deal includes assets PineBridge has outside of China and would extend MetLife's asset management business.

The deal between the U.S. insurer and a company owned by Hong Kong billionaire Richard Li is expected to close in 2025.

"The acquisition of PineBridge Investments furthers our ambition to accelerate growth in asset management," said MetLife President and CEO Michel Khalaf in the release. "MetLife Investment Management is on a good path to grow its business organically, supplemented by targeted, complementary inorganic growth."

New York-based insurer’s arm will pay US$800 million for PineBridge, which manages about US$100 billion in assets.

US insurer MetLife Inc. is nearing a deal to buy PineBridge Investments’ assets outside of China from Hong Kong billionaire Richard Li’s Pacific Century Group, according to people familiar with the matter.