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.

US asset manager MetLife Investment Management is buying PineBridge Investments from Hong Kong billionaire Richard Li’s Pacific Century Group for US$1.2 billion. The deal, which is expected to be completed in 2025, doesn’t include PineBridge’s private equity fund business and its joint venture in China.

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

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.

MET's asset management arm is expected to close the acquisition of PineBridge by 2025, expanding its offerings and global presence.

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.

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

MetLife to acquire PineBridge Investments for up to $1.2 billion, enhancing its asset management capabilities and portfolio.