MetLife Investment Management (MIM), the institutional asset management arm of MetLife (NYSE:MET), has finalized its acquisition of PineBridge Investments, significantly expanding its global footprint and total assets under management to $734.7 billion.
The deal, valued at up to $1.2 billion, includes an initial $800 million cash payment made at today’s close.
An additional $400 million is tied to 2025 financial performance metrics and a multi-year earnout structure.
The acquisition is a cornerstone of MetLife’s “New Frontier” strategy—a five-year plan unveiled in late 2024 aimed at transforming the insurer into a top-tier diversified global asset manager.
The integration brings a distinctly international flavor to MetLife’s portfolio.
More than half of the client assets acquired are held by investors outside of the United States, with approximately one-third based in Asia.
This geographical diversity complements MIM’s historical strength in U.S. institutional fixed income and real estate.
As part of the closing, MIM announced a unified senior leadership team.
Brian Funk, President of MIM, will lead the combined business.
The transition excludes certain segments of PineBridge’s legacy business, specifically its private equity funds group and its joint venture in China, which remain with the seller, Pacific Century Group.
The transaction is expected to be neutral to MetLife’s earnings per share in the first year and accretive thereafter.
For MetLife, the move represents an "all-weather" play, shifting the company toward capital-light, fee-based revenue streams that are less sensitive to the insurance underwriting cycles.