GLOBAL - Dutch finance group ING has completed its sale of Baring Asset Management to US firms Northern Trust and MassMutual Financial group.
MassMutual bought BAM’s global investment management activities for an undisclosed sum, while Northern Trust paid US$500m for BAM’s financial services group (FSG).
“Clearly the Baring acquisition is a significant step in our international growth strategy,” said Robert J. O’Connell, chairman, president and CEO of MassMutual. “It’s highly recognised franchise and global asset management capabilities will provide a springboard for the worldwide distribution of our companies’ financial products and services, beyond our current international capabilities.”
Baring will continue to operate independently with current chairman and CEO David Brennan retaining his responsibilities.
O’Connell said the acquisition was in line with the firm’s goal to grow its business both in the US and internationally, particularly in Europe.
Commenting on Northern Trust’s acquisition, William A. Osborn, chairman and CEO, Northern Trust, said: “With the closing of this acquisition, we will enhance our ability to serve our existing global fund manager clients, as well as attract new clients, with a stronger and broader set of capabilities.”
“The FSG business strategically complements Northern Trust’s existing fund services capabilities in London, Dublin and Luxembourg, and our growing back and middle office outsourcing capabilities.”
MassMutual is a global financial services group providing life insurance, annuities, retirement planning products, trust services, money management and other financial products and services.
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