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.

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

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