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MetLife to buy Hong Kong tycoon Richard Li’s PineBridge in asset management push

SCMP LogoSCMP1d ago

MetLife to buy Hong Kong tycoon Richard Li’s PineBridge in asset management push - SCMP

Quick Summary:

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

The acquisition will boost its global footprint as more than half of the client assets being acquired from Pinebridge are held by investors outside the US and about one third are in Asia.“The acquisition of PineBridge Investments furthers our ambition to accelerate growth in asset management,” MetLife president Michel Khalaf said.“MetLife Investment Management is on a good path to grow its business organically, supplemented by targeted, complementary inorganic growth.

The partnership with Huatai and Suzhou New District Hi-Tech Industrial aims to cater to the country’s growing demand for investment products.

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Article Details

Author / Journalist: Bloomberg

Category: Business

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-24 @ 10:04:50 (1 days ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 274 words

Reading Time: 2 minutes read

Sentences: 8 lines

Sentence Length: 35 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 24618325

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Main Topics: Business

Official Website: scmp.com

Update Frequency: 7 posts per day

Year Established: 1903

Headquarters: Hong Kong

News Last Updated: 18 minutes ago

Coverage Areas: Hong Kong

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News Language: English

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Publisher ID: #42

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