Entrepreneurial fundsters looking for an exit strategy or for new long-term backers may want to knock on the doors of MetLife
"Insurers are circling asset managers for deals," the Wall Street Journal reports
. Pru and MetLife are both hungry for such acquisitions, according to the paper, which also echoes
previous reports that British insurer Legal & General
is looking to buy and bolt on U.S. asset managers.
Pru already has a $1-trillion asset management arm, PGIM
, that has a retail and advisor-sold business called PGIM Investments.
article comes after the close
last week of Nippon Life Insurance Company's purchase
of a 24.75 percent stake in TCW
. The paper, citing unnamed sources, reports that MetLife and Munich Re
(a German insurer) were competing bidders for a TCW stake.
, CEO of Legal & General Investment Management America, says his firm hasn't made any offers yet but confirms to the WSJ
that the U.S. market is "a fantastic opportunity to diversify the business and expand." Steven Goulert
, executive vice president and chief investment officer of MetLife, tells the paper that MetLife's asset management arm "will continue to look at opportunities to acquire other asset management businesses."
, principal at Deloitte's Casey Quirk
also weighed in for the article.
Neil Anderson, Managing Editor
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