(Reuters) – New York-based insurer MetLife Inc (NYSE:) is in advanced talks to buy PineBridge Investments’ assets outside of China in a deal that could be valued at $1 billion to $1.5 billion, Bloomberg News reported on Monday.

The talks are exclusive for assets under management worth about $100 billion, the report said, citing sources.

PineBridge is majority-owned by a subsidiary of billionaire Richard Li’s Pacific Century Group (PCG), an Asia-based private investment group, according to PineBridge’s website.

MetLife did not immediately respond to a Reuters request for comment. PineBridge declined to comment.