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MetLife Completes CitiStreet Deal

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MetLife Inc. has completed a previously announced deal to acquire a business that is a big player in the markets for the annuities used to fund 403(b) plans, 457 plans and other nonprofit employer retirement plans.[@@]

MetLife, New York, has acquired CitiStreet Associates, a unit of CitiStreet L.L.C., which, in turn, is a unit of MetLife Inc., New York, and Citigroup Inc.

MetLife did not acquire the CitiStreet L.L.C. joint venture.

MetLife plans to combine CitiStreet Associates with its own unit that sells annuities to retirement plans at schools, hospitals and other nonprofit employers. The unit now manages about $30 billion in retirement plan assets, MetLife says.

MetLife did not acquire CitiStreet LLC which is a joint venture owned equally by affiliates of Citigroup Inc. and State Street Corp.