The latest mergers and acquisitions in the North American wealth management industry.

MetLife Investment Management, part of New York-listed MetLife, has agreed to acquire three teams and assets managed by Mesirow, an independent, employee-owned financial services firm. About 20 financial professionals will join MIM. 

In a statement yesterday, MIM said it is acquiring the high yield and bank loan, strategic fixed income and small-cap equity teams and certain related investment products.

Under the terms of the transaction, about $6 billion of assets managed by the acquired teams will transfer to MIM, subject to customary approvals and consents. The financial terms were not disclosed. 

For its part, Mesirow said it will concentrate on building out capabilities in wealth management, fiduciary services alternative assets, and capital markets. It has more than $300 billion in assets under supervision. 

MetLife said this deal fits with its “New Frontier” strategy for accelerating growth in asset management. The transaction will speed up development of MIM’s leveraged finance platform, adding opportunistic high yield and bank loan strategies with risk-return profiles that fit with what MIM already offers.

“As fundamental, bottom-up investors, these investment teams are excellent strategic fits and bring seasoned talent to MIM,” Jude Driscoll, MIM president, said.

Third Street Partners served as advisor to MetLife in this transaction.