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 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,

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.

BNP Paribas SA finalized the €5.1 billion ($5.3 billion) purchase of Axa SA’s asset management unit, in the biggest acquisition under Chief Executive Officer Jean-Laurent Bonnafe.

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,