MetLife Investment Management (MIM) has agreed to acquire the small-cap equity team of financial services firm Mesirow, expanding its leveraged finance platform.
The transaction also includes Mesirow’s high yield, bank loan and strategic fixed income teams, with a total of US$6 billion in assets under management being transferred to MIM. As of September 2024, MIM held US$609.3 billion in assets under management.
Jude Driscoll, MIM president, commented: “As fundamental, bottom-up investors, these investment teams are excellent strategic fits and bring seasoned talent to MIM. By leveraging the power of the MIM platform, we believe we can accelerate growth in these strategies through investment performance and the breadth of our distribution capabilities.”
Natalie Brown, Mesirow CEO, added: “[We] will continue to focus on growing our alternatives capabilities and core wealth management, fiduciary solutions, and capital markets/investment banking offerings.”
In December, MIM acquired global asset manager PineBridge Investments in a total US$1.2 billion deal as part of MetLife’s ‘New Frontier’ expansion strategy. The initiative aims to deliver double-digit adjusted earnings per share, a 15-17% adjusted return on equity, a 100-basis-point reduction in direct expense ratio target and free cash flow of US$25 billion.
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