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.

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.

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

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

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

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