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,

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.

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

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.

BNP Paribas SA finalized the €5.1 billion ($5.3 billion) purchase of Axa SA’s asset management unit, in the biggest acquisition under Chief Executive Officer Jean-Laurent Bonnafe.