Acquisitions

3 Months Ended

Mar. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Acquisitions

3. Acquisition

Pending Acquisition of PineBridge Investments

In December 2024, the Company entered into a definitive agreement to acquire PineBridge Investments (“PineBridge”), a global asset manager, which upon close of the transaction will be part of MetLife Investment Management, the institutional investment management business of MetLife, Inc. The acquisition excludes PineBridge’s private equity funds group business and its joint venture in China. The transaction is comprised of $800 million in cash at closing, $200 million subject to achieving certain 2025 financial metrics and $200 million subject to a multi-year earnout. This transaction is expected to close in the second half of 2025, subject to regulatory approvals and other customary closing conditions.