MetLife Investment Management, the institutional asset management arm of MetLife Inc., has signed a definitive agreement to acquire three investment teams and assets managed by Mesirow, and independent, employee-owned financial services firm.
Specifically, MIM will acquire the high-yield and bank loan, strategic fixed-income and small-cap equity teams and certain related investment products of Mesirow, said a Jan. 8 news release.
Under terms of the transaction, about $6 billion of assets managed by the acquired teams will transfer to MIM, subject to customary approvals and consents.
Financial terms of the transaction will not be disclosed, said a spokesperson for MIM. The transaction is expected to close in the first quarter of 2025, the spokesperson added.
A spokesperson for Mesirow also declined to comment on the purchase price.
The proposed transaction, MIM said in the release, is consistent with the firm’s strategy to “accelerate growth in asset management and MIM’s efforts to expand offerings and channels and adding higher yield capabilities.”
The acquisition will also “advance the development of MIM’s leveraged finance platform, adding opportunistic high-yield and bank loan strategies with risk-return profiles that complement MIM’s current offering, including the strategies anticipated to be added through the recently announced acquisition of PineBridge Investments,” the release noted.
The Mesirow teams to be acquired comprise about 20 investment professionals, all of whom are expected to join MIM upon completion of the transaction.
Natalie Brown, chief executive officer of Mesirow, noted in the release that after the transaction closes, Mesirow will “continue to focus on growing our alternatives capabilities and core wealth management, fiduciary solutions and capital markets/investment banking offerings, which have over $300 billion in total assets under supervision.”
Third Street Partners served as adviser to MetLife in this transaction.
As of Sept. 30, 2024, MIM had $609.3 billion in total assets under management.
