MetLife Said to Be in Talks to Buy Tycoon Li's PineBridge Assets Outside of China [Yahoo! Finance]
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Source: Yahoo! Finance
Most Read from Bloomberg The talks are exclusive for assets under management amounting to about $100 billion, the people said, asking not to be identified because the matter is private. PineBridge is majority owned by Hong Kong billionaire Richard Li's holding company, Pacific Century Group. MetLife has emerged as the most likely buyer after outbidding rivals including other asset managers and financial institutions, the people said. The exclusivity period will allow the New York-based insurer to finalize details of a potential agreement over the coming weeks, they said. Li's PCG has been considering a sale of PineBridge, excluding a China joint-venture with Huatai Securities Co., the people said. The Huatai-PineBridge venture managed more than $70 billion in assets as of the end of June, according to its website. While the sale process is at an advanced stage, deliberations are ongoing and no final decisions have been made, the people said. Representatives for MetLife, Pin
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