MetLife Investment Management has made a deal to buy London-based fixed-income impact manager Affirmative Investment Management, the firm announced Monday.
The acquirer, which is the institutional asset management arm of US insurer MetLife, stated that adding Affirmative to its business “will advance MIM’s ESG investment and reporting capabilities as it seeks to deliver client solutions and long-term risk adjusted returns.”
Affirmative reports having more than $1.1bn in assets under management. The firm launched in 2014 and has supported about 2,800 projects through impact bonds in its portfolios, it states on its site. The company will be integrated with MetLife Investment Management’s investment teams following the closing of the sale, which is contingent on regulatory approval. The companies did not disclose the financial details of the pending sale.
“By combining AIM’s expertise with MIM’s commitment to sustainable investing, we will be even better positioned to provide comprehensive insight and counsel to clients and consultants on ESG considerations,” MetLife Investment Management president and MetLife CIO Steven Goulart said in the announcement. “MIM will maintain its fundamental investment processes, and AIM brings us additional capabilities to evaluate sustainability and risk considerations across our core competencies in public fixed income, private fixed income and real estate.”