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

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

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

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

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

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.

MetLife, Inc. MET recently announced that MetLife Investment Management (“MIM”) has entered into a definitive agreement to acquire PineBridge Investments, a global asset manager with approximately $100 billion in assets under management.