Metropolitan Life Insurance is transferring core fixed-income portfolios managed for outside clients to State Street Research & Management from MetLife Investment Management. Both are subsidiaries of the insurer. In a statement, the firm announced it would move the majority of MIMCO's $10 billion in assets to State Street Research to consolidate overlapping fixed-income functions. Most of MIMCO's assets are in core fixed-income portfolios.
MIMCO will continue to manage its specialized fixed-income portfolios and also develop new specialty products.