MetLife in advanced talks to buy PineBridge’ assets outside China
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US insurer MetLife is in advanced talks to buy PineBridge Investments’ assets outside China, in a deal that could be valued at between $1 billion and $1.5 billion. The talks involve assets under management of about $100 billion.
MetLife in advanced talks to buy PineBridge’ assets outside China
PineBridge is owned by holding company Pacific Century Group, which is headed by Hong Kong billionaire Richard Li.
MetLife appears the most likely buyer after beating off bids from rivals, including other asset managers and financial institutions. PCG has considered selling PineBridge, but has ruled out its Chinese joint venture with Huatai Securities, which had more than $70 billion in assets under management at the end of June.
PCG previous deals
PCG bought PineBridge from American International Group for $500 million in 2010, as the insurer was selling assets to repay a government bailout. PineBridge’s clients include pension funds, insurance companies, private banks, advisors and brokers. (reproduction reserved)
