Barings AM to acquire SEI Asset Korea
Baring Asset Management, the London-based investment manager, has agreed to buy SEI Asset Korea.
Baring Asset Management, the London-based investment manager, has agreed to buy SEI Asset Korea.
The deal is subject to regulatory approval and is expected to complete by the end of 2012. The acquisition will add about $6.3bn to Barings' current assets under management of $47bn, as at 30th June 2012.
In a statement, the firm said: "The acquisition will expand considerably Barings' presence in Korea, underlining its strong commitment to what is the third largest market for asset management services in Asia."
David Brennan, chairman and chief executive of Barings, described Korea as one of Asia's largest asset management markets with considerable growth potential. SEIAK has a comprehensive asset management licence, which allows it to offer a full range of products and services to the Korean market.
Brennan said: "SEIAK has an excellent reputation and strong franchise, with a commitment to delivering long-term investment returns and outstanding client service that aligns with Barings' own philosophy.
"The acquisition of SEIAK underscores our commitment to Asia and belief in its strong long term growth potential. We will bring Barings' deep pool of Asian resource and distribution expertise, aligned with our highly regarded international investment platform, to the Korean market and build on the success already achieved by SEIAK."
Thae Surn Khwarg, chief executive of SEIAK, added: "We share a belief in delivering long-term investment returns and outstanding client service to our clients. Our combined strengths will enable us to build further on the success of our business in Korea."
Barings is a subsidiary of the MassMutual Financial Group, a US insurance company.
