July 10, 2017

MetLife pays $250M for Philadelphia investment manager

MetLife, Inc., a New York-based life insurer with a presence in Bloomfield, said it will acquire Philadelphia-based Logan Circle Partners for $250 million in cash.

Logan Circle Partners is a research-based investment manager providing institutional clients actively managed investment options using fixed-income strategies.

Logan said Friday it has more than 100 institutional clients and more than $33 billion in assets under management as of March 3, and shares MetLife's focus on investment performance, client service, and risk management.

The acquisition will help broaden the quality and reach of MetLife's domestic and international services, said MetLife CEO Steven A. Kandarian and Steven J. Goulart, MetLife's executive vice president and chief investment officer.

The transaction is expected to close in the third quarter of 2017.

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