Weekly Digest: MetLife in talks to buy PineBridge ex-China; Aware Super launches UK property strategy
TOP NEWS OF THE WEEK
US insurer MetLife is in advanced talks to buy PineBridge Investments’ assets outside of China, people familiar with the matter said, in a deal that could be valued at $1 billion to $1.5 billion.
The talks are exclusive for assets under management amounting to about $100 billion, the people said, asking not to be identified because the matter is private. PineBridge is majority-owned by Hong Kong billionaire Richard Li’s holding company, Pacific Century Group.
MetLife has emerged as the most likely buyer after outbidding rivals including other asset managers and financial institutions, the people said. The exclusivity period will allow the New York-based insurer to finalise details of a potential agreement over the coming weeks, they said.
Source: Bloomberg
Aware Super, one of Australia's largest superannuation funds, has announced a significant expansion into the UK market through a strategic partnership with Delancey Real Estate.
The collaboration will involve an initial investment of up to $1.29 billion in UK property primarily targeting prime Central London office locations, with a focus on upgrading and renovating properties to meet environmental standards.
The announcement comes as part of a broader wave of Australian investment in the UK, revealed during Prime Minister Keir Starmer's historic first visit to the Pacific.
Source: UK Government
Indonesia plans to set up a new company to hold and manage its state investments, according to Muliaman Hadad, who has been appointed to head the new entity.
Parliament has to approve the company, called Anagata Nusantara Investment Management Agency.
Source: Asia Asset Management
OTHER INVESTMENT NEWS
CHINA
Central Huijin Investment, a unit of China’s sovereign wealth fund that has at times bought stocks to stabilise the equity market, issued bonds that pushed its total local debt sales this year to a record.
The firm has sold Rmb207 billion ($29 billion) of notes this year, the most since it first tapped the onshore credit market in 2010.
The fresh issuance includes 9 billion yuan of three-year debt securities and Rmb15 billion of five-year bonds, people familiar with the matter said.
Source: Bloomberg
HONG KONG
Chow Tai Fook Life Insurance Company (CTF Life) has submitted a carbon reduction commitment letter to the Science Based Targets initiative (SBTi).
This marks a milestone in the company’s efforts to combat climate change and promote sustainability with science-based targets that align with the goals of the Paris Agreement.
To support the company’s efforts in carbon reduction for both its operation and investment, it is developing a comprehensive roadmap to achieve its objectives.
Source: CTF Life
AIA China has received approval from the National Financial Regulatory Administration to begin preparations to establish a new branch in Anhui province and Shandong province, respectively.
The insurer highlighted Shandong’s large population and growing middle class, which have propelled “strong demand” for life insurance.
It also noted Anhui province’s strategic location in playing a key role in the Yangtze River Delta integration plan, which has accelerated the development of this new economic zone.
Source: AIA Group
JAPAN
Japan’s Pension Fund Association for Local Government Officials has hired local investment firms Tokio Marine Asset Management Co and Mitsubishi UFJ Trust and Banking Corporation for an active global equity mandate, and two US firms as sub-managers.
The Tokyo-based pension fund, known locally as Chikyoren, announced the appointments on its website on October 23. The value of the mandate was not disclosed.
Source: Asia Asset Management
KOREA
Hines opened a new office in Jeonju, Korea, to strengthen its partnership with National Pension Service (NPS), one of the world’s largest pension funds.
The Hines Jeonju office will be the primary liaison centre for NPS-related work in Korea and globally, enabling Hines and NPS to deliver long-term value to their stakeholders.
Source: Hines
MALAYSIA
Khazanah Nasional Bhd launched Jelawang Capital, a national funds-of-funds initiative aimed at bolstering Malaysia’s venture capital (VC) ecosystem.
This follows its acquisition of Malaysia Venture Capital Management and Penjana Kapital in July of this year.
Source: The Edge Malaysia
SINGAPORE
GIC has completed the sale of a central Seoul office tower to an investor group including Korea’s National Pension Service and Koramco Asset Management for 247.7 billion won ($180 million).
GIC acquired the 1980-vintage building from investment banking giant Morgan Stanley in 2004 for 76 billion won, according to Maeil Business Newspaper.
Source: Mingtiandi
GIC and Australia's Macquarie are looking at selling their stake of roughly 30% in Philippine renewable energy firm Energy Development Corp (EDC), a deal that could fetch $2 billion, two sources with knowledge of the matter said.
They are in preliminary talks with advisors and no decision has been made.
Source: Reuters
TAIWAN
Taiwan’s Private School Fund has hired the local unit of US investment firm PGIM as a global investment consultant.
The three-year appointment starts on January 1, 2025, the unit, PGIM Securities Investment Trust Enterprise, says in a statement on October 23. It will be responsible for offering investment advisory and fund selection services to the 45,000 fund members.
Source: Asia Asset Management
The above briefs were curated from company news releases and third-party sources.