MetLife Investment Management Expands Leveraged Finance Platform With $6B Mesirow Deal

MetLife Investment Management has finalized a transformative acquisition that will bring three specialized investment teams and $6 billion in managed assets into its institutional portfolio. The deal encompasses high yield and bank loan specialists, strategic fixed income experts, and small-cap equity teams currently operating under Mesirow’s umbrella, marking a significant consolidation play in the institutional asset management space.

Strategic Portfolio Expansion and Market Positioning

The transaction aligns with MetLife Investment Management’s broader growth agenda as part of MetLife’s New Frontier strategy, specifically targeting expansion in asset management capabilities. By absorbing approximately 20 seasoned investment professionals from Mesirow, the firm strengthens its competitive positioning as a top 25 global institutional investment manager. The newly acquired teams will enhance MIM’s leveraged finance platform, introducing opportunistic strategies in high yield and bank loan management that complement existing offerings.

This move represents a calculated effort to diversify risk-return profiles across multiple asset classes. When combined with the previously announced PineBridge Investments acquisition, these moves collectively signal MetLife Investment Management’s commitment to building a more comprehensive institutional asset management powerhouse.

About the Acquired Teams and Assets

The three investment teams bring deep expertise across fixed income and equity markets. The high yield and bank loan unit specializes in credit markets, while the strategic fixed income group handles traditional bond portfolio management. The small-cap equity team rounds out the acquisition with growth-focused capabilities. Collectively, these units manage $6 billion in assets and maintain fundamental, bottom-up investment philosophies that emphasize disciplined security selection.

Mesirow CEO Natalie Brown indicated that the company will redirect focus toward alternatives strategies and core wealth management operations, which oversee more than $300 billion in total assets under supervision. The remaining Mesirow business will concentrate on fiduciary solutions and capital markets offerings.

MetLife Investment Management’s Scale and Capabilities

As of the third quarter of 2024, MetLife Investment Management manages $609.3 billion in total assets across multiple institutional client categories—pension plans, insurance companies, endowments, and alternative fund vehicles. The institutional asset management division brings more than 150 years of collective investment experience to its platform.

The acquisition enables MetLife Investment Management to leverage its distribution infrastructure and operational scale to accelerate growth in the newly acquired strategies. MIM President Jude Driscoll emphasized that building businesses around talented investment teams represents a core organizational principle, suggesting these teams are well-positioned to thrive within MIM’s broader institutional framework.

The transaction is expected to close subject to customary regulatory approvals and consents. Third Street Partners advised MetLife on the deal structure and negotiation process.